Standard Chartered and Visa B2B Connect Team Up to Streamline Cross-Border Payments

In a bid to bolster its array of payment solutions, Standard Chartered has forged a partnership with Visa B2B Connect, aiming to revolutionize cross-border transactions, according to Fintech Global News. The collaboration, seeks to harness the strengths of both entities to elevate global payment solutions.

Initially launching in Singapore, this innovative solution utilizes API connectivity to direct transactions straight to Visa for seamless processing. By bypassing multiple intermediaries, this approach not only trims costs but also mitigates delays, enhancing efficiency for clients.

Standard Chartered assumes the role of a participant bank and becomes Visa’s settlement partner for specific currencies within the network. This strategic alliance sets the stage for simplified and expedited transactions, bolstering security and operational efficiency for clients.

Philip Panaino, the Global Head of Cash at Standard Chartered, expressed enthusiasm about the collaboration, stating, «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.» Panaino emphasized the importance of simplifying cross-border transactions without compromising security in an interconnected world.

Ben Ellis, Senior Vice President, Global Head of Visa B2B Connect at Visa, echoed Panaino’s sentiment, highlighting Visa’s commitment to modernizing cross-border payments. Ellis noted, «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.»

This collaboration signifies a significant stride towards enhancing the landscape of cross-border payments, promising smoother transactions and heightened security measures. As the partnership unfolds, it is poised to set new standards for global payment solutions.