TD Securities will join the Visa B2B Connect cross-border B2B payment network to facilitate fast international account-to-account payments, according to a press release.
Visa B2B Connect wants to address the challenges of moving money across borders, including the many systematic problems, poor visibility and inefficiency, which many institutions cite as a huge impediment for them, the press release said.
Visa B2B Connect will offer a more modern priority digital network, which will help simplify cross-border payments by facilitating transactions between the originating bank directly and the beneficiary bank. This will enhance the visibility and predictability of the transaction.
“We are committed to making global business payments effortless, secure and fast – and that requires a modern cross-border payment system,” said Jim Filice, Vice President and Head of New Payments at Visa Canada. “With Visa B2B Connect, we are thrilled to be working with TD as the first Canadian financial institution on the network. Together with TD, we are proud to help their business customers connect with other businesses across the world to simplify the way they move money.
Meanwhile, Akhil Lamba, Executive Managing Director and Head of Global Transaction Banking at TD, said the partnership made sense because the company wanted to continue to “deliver innovative payment solutions to our business customers, as well as customer transparency that allows you to do business internationally, faster. with more end-to-end transparency and predictability.
PYMNTS recently wrote about the challenges faced by small and medium-sized enterprises (SMEs) when making cross-border B2B payments, with modernization efforts often lagging behind those working on experiences for customers.
Read more: PYMNTS Intelligence: The Problems and Promise of B2B Cross-Border Payments
Small businesses face more complexities, with PYMNTS writing that 27% of businesses surveyed in a recent study said this was one of their most daunting obstacles.
Data from the study shows that financial institution executives’ perception of digital payment solutions becomes more negative the smaller the customer. Seventy-four percent of large companies responded that they were “very or extremely satisfied” with the solutions. Only 23% of small businesses were so positive.
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