PYMNTS MonitorEdge May 2024

NetXD and Visa Expand Cross-Border Payments Partnership to Asia

Visa

NetXD has expanded its cross-border payments partnership with Visa B2B Connect.

After onboarding banks in Europe and the Americas, the collaboration is now moving to Asia, NetXD said in a Tuesday (May 21) news release.

“Visa is committed to modernizing cross-border payments around the world and the collaboration with NetXD will help our clients start transacting on our network even faster. We are excited to kick off the collaboration in Asia Pacific with more markets to follow this year,” said Ben Ellis, global head of Visa B2B Connect.

“Visa B2B Connect simplifies and speeds up transactions for banks and their clients, reducing costs for a more efficient and secure way to move money globally.”

NetXD has been an onboarding partner for Visa B2B Connect since 2020, with its hosted payments-as-a-service offering allowing banks to get to market and transact in a matter of weeks without additional upfront investments.

As PYMNTS wrote recently, the globalization of the B2B landscape has underlined the need to streamline cross-border payments, which remain riddled with obstacles.

“There are two big things businesses want,” Boost Payment Solutions founder and CEO Dean M. Leavitt said in an interview here in April.

“The first is cross-border payment mechanisms that are cost-effective and efficient in paying their suppliers abroad. That’s a clear desire on the enterprise B2B level. And the other thing is just broadly digitizing the ways in which businesses pay and get paid.”

Failed cross-border payments cost merchants in the United States at least $3.8 billion in sales last year alone, according to the PYMNTS Intelligence report “Cross-Border Sales and the Challenge of Failed Payments.” In addition, 70% of U.S. firms saw higher rates of failed payments in cross-border sales when compared to domestic sales.

Additional research from PYMNTS Intelligence showed that traditional cross-border payment methods can cause friction for businesses, with the three most typically cited pain points being slow speeds, lack of transparency and high costs.

NetXD also recently launched a fully cloud-based solution for The Clearing House’s RTP® network, one of the first of its kind, PYMNTS wrote earlier this month.

The company says it aims to streamline the real-time payments process, allowing for instant fraud checks, enabling 24/7 payments for financial institutions and the elimination of reconciliation choke points.

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