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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.