Both Visa and CBiBank believe the launch benefits businesses worldwide. With an unwavering focus on customer satisfaction, the partnership aims to reshape the future of cross-border B2B payments by offering finality, predictability, and transparency.
Built upon Visa’s extensive global network and fortified by advanced security technology, Visa B2B Connect empowers businesses to authenticate and manage cross-border B2B payments seamlessly. By offering real-time visibility, expedited payment processing, and robust monitoring capabilities, the platform sets new standards for efficiency, transparency, and security.
Officials from CBiBank said they are thrilled to join Visa B2B Connect, a platform that addresses the pain points of traditional inter-bank cross-border payments. By transforming the landscape of cross-border transactions, they can deliver faster and easier payment solutions that meet the growing demands of their customers. Their collaboration with Visa B2B Connect enables them to provide enhanced customer convenience, embracing the core values of digital financial inclusion.
Also commenting on this partnership, Visa’s representatives said this collaboration between Visa B2B Connect and CB International Bank unlocks unparalleled opportunities for international payments and global ecommerce, revolutionising how businesses engage in cross-border transactions. Visa B2B Connect, the innovative international payment network, is already processing transactions in Puerto Rico, making corporate payments faster, safer and more efficient.
TD Securities has declared that the company is one of 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 their corporate clients, along with seamless client experiences that make doing business internationally, faster with more end-to-end transparency and predictability.
Following the COVID-19 pandemic, Canada saw significant advancing in modern payments in 2021. Payments Canada launched Lynx, a modernised high-value payment system to replace Canada’s previous payment system of more than two decades, the Large Value Transfer System (LVTS).
Concomitantly, the Real-Time Rail (RTR) will be a new payment system that will enable Canadians to initiate payments and receive irrevocable funds in a matter of seconds. RTR is ISO 20022 enabled, ISO 20022 being the international standard that allows efficient payments clearing and settlement among financial institutions globally via a common set of messages that have been agreed upon by the institutions to be used in a consistent way.
ISO 20022 will be beneficial for both businesses and consumers, as its diverse data can be carried in financial payments messages both within Canada and across borders, allowing an easier understanding of consumer charges (credit card charges for example), and a faster payment reconciliation with invoices for businesses.
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