Visa and TD Modernizing Cross-Border Money Movement for Businesses with Visa B2B Connect
Visa and TD Modernizing Cross-Border Money Movement for Businesses with Visa B2B Connect
Canada NewsWire
TORONTO, Oct. 6, 2022
TD to become the first Canadian financial institution to join Visa B2B Connect, which connects corporates to more than 100 countries and territories.
TORONTO, Oct. 6, 2022 /CNW/ - Today, Visa Canada and TD Securities ("TD") 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 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.[1]
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.
"We are committed to making global business payments effortless, secure, and fast – and this requires a modern cross-border payment system," said Jim Filice, vice president and head of New Payments at Visa Canada. "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."
"We're thrilled to be the first financial institution in Canada to join the Visa B2B Connect network," said Akhil Lamba, Executive Managing Director and Head of Global Transaction Banking, TD Securities. "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."
Visit Visa B2B Connect to learn more how Visa helps its clients and partners move money globally.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.ca.
1 Research was conducted by East & Partners on behalf of Visa Inc. in June 2019, looking at cross-border payments across 20 countries. |
SOURCE Visa Canada
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