Standard Chartered has joined forces with Visa B2B Connect to expand its existing suite of payment solutions.
The partnership aims to enhance global payment solutions, particularly for cross-border transactions, by leveraging the capabilities of both Standard Chartered and Visa B2B Connect, according to FF News.
he solution will initially launch for clients in Singapore, with plans to expand to other entities in the future. Through API connectivity, transactions will be routed directly to Visa for further processing, reducing costs and delays associated with multiple intermediaries.
Standard Chartered will serve as a participant bank and Visa’s settlement partner for select currencies within the network.
This collaboration aims to simplify and speed up transactions, enhancing efficiency and security for clients. The Bank’s FX liquidity capabilities allow payments initiated in SGD and AED to be delivered to up to 100 currencies, further strengthening Visa’s network and client experience.
Philip Panaino, Global Head of Cash at Standard Chartered, said, “We are delighted to build on our existing partnership with Visa to deliver this innovative and future-ready cross border payment network offering to our clients. We will join as a participant bank and as Visa’s new settlement partner for a set of currencies. In today’s increasingly interconnected world, both corporates and payment networks are constantly looking for solutions and partners that can help them simplify cross border transactions and improve operational efficiencies, without compromising on security. Our engagement in the Visa B2B Connect network – both as a participant and as a settlement bank – is yet another way we are delivering value add to the broader ecosystem as we support corporates on their payments journey.”
Ben Ellis, Senior Vice President, Global Head of Visa B2B Connect at Visa, added, “Visa is committed to modernising cross-border payments around the world and the collaboration with Standard Chartered will extend our network even further. We are excited to be partnering with Standard Chartered to simplify and speed up transactions for their clients, cutting out middlemen and reducing costs for a more efficient and secure way to move money globally.”
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