Visa B2B Connect expands to 32 more countries, integrates with Infosys
Visa has announced that its B2B Connect network has doubled its reach – from 30 global trade corridors at launch in June 2019, to 62, with the goal to expand to over 100 countries in 2020.
In addition, Infosys, a digital services and consulting firm, is integrating with the Visa B2B Connect network, allowing its participating financial institutions worldwide to access the platform to process corporate cross-border payments globally.
According to a recent survey commissioned by Visa, almost six-in-ten respondents (59%) expect overall revenues from cross-border payments to increase in the next five years as a result of faster payments. Nearly a quarter of respondents (24%) expect to see faster payments drive up revenues by as much as 25%.
Visa B2B Connect is designed to remove friction and time spent on cross-border corporate payments by facilitating transactions from the bank of origin directly to the beneficiary bank. The network increases visibility into the transaction flow, giving buyers and suppliers an opportunity to track the status of payments from the origin bank to the destination bank in near real time.
The platform is also designed to reduce the time to settle funds – from potentially weeks to one to two days. It gives corporate financial institutions and their customers a clear view of fees associated with a payment. In order to begin transacting through Visa B2B Connect, participating financial institutions around the world can connect in two ways – directly to the network or through Visa’s hub partners.