Visa launched the Visa B2B Connect business-to-business cross-border payment solution in June this year, allowing participating banks to provide corporate customers with simple, fast and secure cross-border payment services.
Alan Koenigsberg, global head of business solutions and innovative payment business, said that the platform has covered 66 markets so far, and it is expected to increase to 100 markets next year. He also pointed out that the platform can greatly reduce the processing time of cross-border payments from four or five days to one day.
Koenigsberg pointed out that the cross-border payment market has reached 10 trillion US dollars and is expected to continue to grow in the future. In particular, the cross-border payment of SMEs and medium-sized enterprises is growing faster, and they are in need of transparent and simple cross-border payment services, but generally Cross-border payment has to go through multiple steps to complete, which usually takes four to five days. The Visa B2B Connect network platform just provides banks with one more solution option, allowing participating banks to provide enterprises with one-stop payment solutions. , so that cross-border payments can be completed on the same day or the next day. At present, banks are in the process of gradually participating in the platform, and the reactions so far have been very positive.
Visa B2B Connect launched in 30 markets around the world in June. He pointed out that as of November 6, the market covered by the online platform has doubled to 66, and he expects to expand the network to more than 100 markets in 2020. Among them, he is negotiating with Chinese and Indian regulators to launch Visa B2B locally. Connect. He did not comment on whether the Sino-U.S. trade war would affect the launch of the platform in China, but said Visa has a good relationship with the People’s Bank of China and hopes to get approval to launch Visa B2B Connect in China soon. In Hong Kong, some banks have already participated in the platform.