The partnership is aimed to enable small and medium enterprises (SMEs) to send money directly to recipient banks. The requirement for a SME to open an account in each country where it has transactions will be eliminated, the agreement aiming also to cut transaction costs between UnionBank and overseas banks by about 50%.
The banks that are part of the pilot program include Commerce Bank in the US, Shinhan Bank in South Korea, Sberbank in Russia, and United Overseas Bank in Singapore.
In addition, Visa plans to partner with more banks, both local and overseas, to expand B2B coverage.
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