Visa Canada and TD Securities announced an innovative collaboration as TD becomes the first Canadian financial institution “to join Visa B2B Connect, a cross-border business-to-business (B2B) payments network, enabling account to account, international payments quickly, securely, and with predictability.”
According to Visa (NYSE: V) research, cross-border money movement “represents a $10 trillion opportunity for the payments industry, but significant obstacles exist when it comes to cross-border payments.” Nearly 70% of Corporations “surveyed from across 20 countries, reported systematic issues with poor visibility and inefficiency as pain points with cross-border payments.”
Visa B2B Connect aims “to address these challenges by modernizing existing global payment processes through its digital-first capabilities.” The unique network dramatically simplifies international corporate cross-border payments “by facilitating transactions between the bank of origin, directly to the beneficiary bank.”
By increasing the visibility and predictability of the transaction flow, Visa B2B Connect simplifies global payments and “creates more cost-effective cross-border transactions by improving fee transparency, transaction accuracy, and helping companies manage their cash flows and streamline settlement.”
Jim Filice, vice president and head of New Payments at Visa Canada, said:
“We are committed to making global business payments effortless, secure, and fast – and this requires a modern cross-border payment system. With Visa B2B Connect, we’re excited to be working with TD as the first Canadian financial institution on the network. Together with TD, we’re proud to help their business clients connect with other businesses across the globe to simplify the way they move money.”
Akhil Lamba, Executive Managing Director and Head of Global Transaction Banking, TD Securities, remarked:
“We’re thrilled to be the first financial institution in Canada to join the Visa B2B Connect network. This collaboration is part of TD’s ongoing commitment to delivering innovative payment solutions to our corporate clients, along with seamless client experiences that make doing business internationally, faster with more end-to-end transparency and predictability.”