Following this announcement, the initiative represents a significant development in the cross-border trade finance payments, which offers banks and financial institutions an efficient and secure alternative to traditional payments systems, while also improving international transaction procedures around the world.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. By combining Surecomp’s expertise in trade finance with Visa’s global payments network, the collaboration will offer banks a new tool to optimise their operations and better serve their users.
Throughout this partnership, the initiative will combine Surecomp’s cloud-based trade finance platform RIVO, with Visa B2B Connect. This will develop a solution that is expected to streamline operations and optimise efficiency for financial institutions and banks. At the same time, the collaboration will extend the reach of both firms, which is expected to provide banks with access to extensive and secure networks for trade finance, as well as cross-border payment solutions.
Visa B2B Connect represents a multilateral B2B cross-border payments network, which was developed in order to optimise the manner in which financial institutions process high-value corporate cross-border payments worldwide. The platform is set to increase transparency and predictability of such transactions by facilitating payments directly from the origin bank to the recipient financial institution.
At the same time, banks will have the possibility to use RIVO for trade finance-related messaging, alongside Visa B2B Connect for payment messaging. This process will offer a more streamlined and secure process for managing trade finance payments and associated transactions.
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