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Standard Chartered today revealed its participation in Visa B2B Connect, a network facilitating efficient, account-to-account cross-border payments for corporate clients. Initially available to Standard Chartered Singapore clients, the service will soon be expanded to include more entities. This addition aims to quicken and reduce the cost of business-to-business (B2B) transactions globally.
The system operates through application programming interface (API) connectivity between Standard Chartered and the Visa B2B Connect network. This direct connection to Visa enables transactions to bypass multiple intermediaries, cutting both costs and delays.
Leveraging Visa’s extensive network, Visa B2B Connect provides clear timeframes and costs through a single connection to all network members, enhancing predictability and cost-efficiency. These features are designed to support corporates of all sizes seeking efficient, secure cross-border payment solutions.
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, said, “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.”
Standard Chartered will also serve as one of Visa’s settlement partners within the network, thus supporting payment flows, including settlement accounts, funds movement, and FX capabilities for Visa.
The Bank’s role in facilitating transparency and seamless payment and auto reconciliation further supports the network’s design, allowing participants to monitor their payment status continuously.
Currently, Standard Chartered is the settlement bank for Visa B2B Connect in the United Arab Emirates and a new settlement bank for Singapore, with plans to include the United States. The Bank’s strong FX liquidity capabilities and market presence enable payments initiated in Singapore Dollars (SGD) and United Arab Emirates Dirham (AED) or other settlement currencies to be delivered in up to 100 currencies, thereby enhancing Visa’s network and client experience.
