Visa B2B Connect wants to address the challenges of cross-border money movements, including numerous systematic issues, poor visibility and inefficiency, which many institutions cite as a huge obstacle for them, the press release said.
Visa B2B Connect will offer a more modern digital-first network, which will help simplify cross-border payments through facilitating transactions between the bank of origin directly to the beneficiary bank. It will boost visibility and predictability for the transaction.
“We are committed to making global business payments effortless, secure, and fast – and this requires a modern cross-border payment system,” said Jim Filice, vice president and head of New Payments at Visa Canada. “With Visa B2B Connect, we’re excited to be working with TD as the first Canadian financial institution on the network. Together with TD, we’re proud to help their business clients connect with other businesses across the globe to simplify the way they move money.”
Meanwhile, Akhil Lamba, Executive Managing Director and Head of Global Transaction Banking with TD, said the partnership made sense because the company wanted to keep “delivering innovative payment solutions to our corporate clients, along with seamless client experiences that make doing business internationally, faster with more end-to-end transparency and predictability.”
PYMNTS recently wrote about the difficulties small- to medium-sized businesses (SMBs) face when making B2B cross-border payments, with efforts to modernize often falling behind those that work on experiences for customers.
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Read more: PYMNTS Intelligence: The Problems and Promise of B2B Cross-Border Payments
Smaller businesses face more complexities, with PYMNTS writing that 27% of the ones surveyed in a recent study have said it’s one of their more daunting obstacles.
Data from the study shows that the perception among financial institution executives about digital payment solutions becomes more negative the smaller the client is. Seventy-four percent of large enterprises responded that they were “very or extremely satisfied” with solutions. Only 23% of small businesses were so positive.
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