This integration will enable the company’s corporate customers to provide Visa B2B Connect payments to their clients, delivering faster, cost-effective, and transparent payment options when transacting across borders.
The 2024 Future of Corporate Cash Management survey reveals that 48% of businesses surveyed had challenges correctly identifying and authenticating their payees. This is an increase compared to the 40% in 2022. Moreover, the number of businesses reporting problems with the real-time visibility of their money during the transaction process rose from 43% in 2022 to 63% in 2024.
Challenges associated with B2B payments include the layering of unnecessary or expensive foreign exchange transactions on top of initial charges, slow processing and settlement times, lack of transparency over the status of funds, and charges from the recipient bank.
When it comes to rare currencies, there can also be issues with sufficient liquidity. This is a problem which can further slow transactions down or add additional costs into the process.
Created to address these challenges, Visa B2B Connect is a multilateral payment network which provides an alternative to the current cross-border banking processes.
Tietoevry Banking’s aim is to incorporate this payment method within its PaaS so that businesses of all sizes, especially SMEs, can use an API-based solution that accelerates time-to-market with minimal additional investment. In turn, its corporate clients will benefit from end-to-end visibility of funds, faster and more secure transactions, predictable costs, and access to optimised pools of liquidity.
Visa’s goal with this partnership is to extend its market reach, helping more banks across Europe bring faster and more transparent payments to their clients.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now