Egypt signs agreement with China to boost technical education    Egypt's minister Nasr calls on investors to take advantage of opportunities in tourism    Trump says it is getting harder for him to want to negotiate with Iran    Air strikes kill at least 32 in rebel-held city in Syria, rescuers say    Russia, Turkey are in talks on joint production of S-400 missile parts: TASS    Egypt's Salah, Senegal's Mane should be quickly fit: Liverpool boss    Olympic robots offer 'virtual' attendance, help out on field    Tennis: Jarry joins grandfather as ATP title-winner with Swedish Open win    Tennis: Australia's McNamara dies at 64 after quiet cancer battle    Dubai's Emaar, Beijing Daxing International Airport in deal on $11bn flagship    Iran's actions are unacceptable, says Saudi minister    Egypt's finance ministry auctions EGP 18.7 bln in T-bonds    Apologize to America, U.S. PresidentTrump tells Democratic congresswomen    New terms for firms working in free zones: Egypt's GAFI    Asian markets trade lower; Shanghai debuts Nasdaq-style tech board    Egypt's population hits 99 million – CAPMAS    Egypt extends state of emergency for three months: Official gazette    In Photos: 1st phase of Roxy Garage inaugurated on the 1,050th National Day of Cairo celebrations    Egypt urges nationals to abide by Schengen travel rules    Egypt's Sisi attends graduation ceremony for police cadets    Algeria crowned Africa Cup of Nations Champions after Senegal win    Sisi: Egypt supports development efforts in all Nile Basin states    Egypt's PM supervises implementation of Luxor's Corniche project    After appointing new female judge, will Egypt see more women in courts?    Egypt's PM follows up implementation of Luxor's Corniche development project    Egypt tells citizens that Saudi e-visa not meant for hajj    Algerian team came to Cairo to win AFCON title: Djamel Belmadi    Egypt, Uzbekistan study establishing pharmaceutical plant    Belgium's Port of Antwerp to develop bunkering activity in Egypt    Sudan's military, opposition sign 1st part of power-sharing deal    Peace with Egypt must be made: Turkey's main opposition leader    Egyptians Brace for Rising Prices Due to Subsidy Cuts    King Tut's golden coffin undergoes first restoration since 1922 discovery    Changing dominant narrative of women on stage    Explorations of music, sound, architecture of Islamic Cairo and everyday life    Farewell to Italy's best-loved writer Andrea Camilleri    Parliament Speaker announces end of fourth legislative term    Total of 59,455 expats in Egypt have undergone virus C screening    Renovation of Egyptian Museum to include installing new lighting, display systems    Egypt's parliament starts new NGO law discussion    Egypt's parliament's 5th convocation sessions to be aired live: Parliament speaker    Cairo hosts 6th meeting of Egyptian-Sudanese military committee    Egypt's parliament Oks new NGO law    Egypt inaugurates museum to honor late novelist Naguib Mahfouz    Bookmakers expects Egypt's Mo Salah might miss the year's Ballon D'or award    Fired MP detained pending investigations over corruption charges    Orange Egypt removes Warda from ad campaign after harassment case    Egypt sees national population growth rate to halve before 2052    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Visa B2B Connect Launches Globally
"Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world," said Kevin Phalen, SVP, global head of Visa Business Solutions
Published in Daily News Egypt on 27 - 06 - 2019

First of its kind cross-border B2B payments network streamlines payments and delivers rich set of data for financial institutions and their corporate clients
Visa Inc. (NYSE:V) today announced the commercial launch of the Visa B2B Connect network, giving financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally. The Visa B2B Connect launch will cover more than 30 global trade corridors, with an aim to expand to as many as 90 markets by end of 2019.
"Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world," said Kevin Phalen, SVP, global head of Visa Business Solutions. "By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data."
Visa B2B Connect removes friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank. The network's unique digital identity feature tokenizes an organization's sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network. Visa B2B Connect's digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.
"It's exciting to see the hard work of the combined teams come together for the commercial launch of Visa B2B Connect. Having participated in the pilot program, Commerce Bank is excited to see how this innovative solution will change the way cross-border payments are made, while increasing the speed and transparency for businesses around the world," said Brian Gordon, SVP International Payments and Trade, Commerce Bank.
"As a pilot participant, we are excited about the Visa B2B Connect launch. This modern way of carrying out cross-border B2B payments will create a substantial added value for our corporate clients. Velocity, security and control of transactions, as well as lower counterparty risks are essential for a successful business with international partners," said Alessandro Seralvo, director Cornèrcard & executive vice president Cornèr Bank.
Partners, including Bottomline, FIS and IBM are integral parts of the future scale of Visa B2B Connect. Bottomline and FIS are bringing Visa B2B Connect platform access to its participating bank clients. Along with Visa's core assets, Visa B2B Connect utilizes open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM. This helps provide an improved process to facilitate financial transactions on a scalable, permissioned network.
"Bottomline is delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments," said Rob Eberle, president & CEO, Bottomline. "Our ability to provide our mutual financial institution clients globally with access to Visa B2B Connect will help these banks to continue to deliver differentiated payment capabilities to their corporate customers."
"Enabling modernization for financial institutions across all payments systems is a key tenet of FIS' global strategy, and we're glad to be amongst Visa's first partners to bring Visa B2B Connect platform access to our mutual clients at scale," said Raja Gopalakrishnan, international head of Banking and Payments for FIS Global Financial Solutions.
“Working together on Visa B2B Connect, we are combining the strengths of the world's leader in electronic payments with IBM's recognized expertise in helping scale distributed ledger technology. This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure and transparent transactions globally,” said Marie Wieck, general manager, IBM Blockchain.
"With Visa B2B Connect, we are leveraging Visa's existing assets and our expertise in cybersecurity, data privacy, the scale of our network – and layering that with new elements of distributed-ledger technology to meet unique needs of this industry," said Sam Hamilton, SVP, data product development at Visa. "This lays the foundation for a service with the potential to transform cross-border payments."


Clic here to read the story from its source.