Standard Chartered Joins Visa for Streamlined B2B Payments

Standard Chartered has forged a partnership with Visa to streamline B2B payment procedures for corporate clients of a financial entity, reports PaySpace Magazine. The bank has integrated into Visa's B2B Connect network, a major player in the payment industry, enabling seamless settlements across various currencies. Initially, this enhanced solution will be rolled out to Standard Chartered's clientele in Singapore, with plans to extend access to more organizations in the near future.

Philip Panaino, head of Standard Chartered's cash division, emphasizes the importance of simplifying global financial transactions and enhancing operational efficiency without compromising security. He underscores the bank's commitment to adding value to the broader ecosystem and supporting corporations in their payment processes through initiatives like joining the Visa B2B Connect network.

Visa B2B Connect offers swift and smooth cross-border payment transactions directly from account to account (A2A), bypassing the involvement of multiple intermediaries, which typically leads to costs and delays. As a settlement partner within the network, Standard Chartered will facilitate account opening, fund transfers, currency exchanges, and other payment activities for Visa. These actions will ensure real-time transparency regarding the payment status for all network participants.