Near the end of 2017, Visa® previewed their Visa B2B Connect, a platform designed to give financial institutions a fast and predictable way to process corporate cross-border B2B payments. Commerce Bank participated in this pilot program and was the first bank to initiate a payment on the platform. Here are some more highlights of the Visa B2B Connect pilot:
- Using technology based on blockchain architecture, Visa B2B Connect simplifies this process by sending transactions over Visa’s network from the bank of origin directly to the recipient bank.
- Visa B2B Connect is designed to give financial institutions a secure, fast and predictable way to process corporate cross-border B2B payments.
- Partner banks include Commerce Bank in the United States, Shinhan Bank in South Korea, Union Bank of Philippines and United Overseas Bank in Singapore.
- Chris Wiedenmann, VP, commercial payments and products at Commerce Bank said, “In a world of increasing global interconnectedness, the ability to make and receive payments quickly and transparently is critical for companies of all sizes. Commerce Bank is dedicated to delivering new and innovative solutions for our customers and, through our powerful relationship with Visa, we are excited to be participating in the Visa B2B Connect pilot.”
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