In order to facilitate swift account-to-account international transfers, TD Securities will join the cross-border B2B payment network Visa B2B Connect, according to a press statement.
According to the press release, Visa B2B Connect aims to overcome the difficulties associated with cross-border money transfers, which many institutions see as a significant barrier. These difficulties include a number of systematic problems, poor visibility, and inefficiency.
Visa B2B Connect will provide a more up-to-date, digital-first network that will facilitate transactions directly between the bank of origin and the beneficiary bank, making cross-border payments simpler. It will increase the transaction’s visibility and predictability.
Jim Filice, vice president and head of New Payments at Visa Canada, stated: “We are committed to making global business payments convenient, safe, and quick – and this needs a contemporary cross-border payment infrastructure.” “We’re thrilled to be collaborating with TD as the first Canadian banking institution on the network with Visa B2B Connect.
We’re honored to work with TD to link their business clients with other companies throughout the world in order to streamline money transfers.
According to survey findings, the size of the client influences how negatively financial institution executives see digital payment alternatives. Large businesses said they were “very or extremely happy” with the solutions with a response rate of 74%. Just 23% of small enterprises expressed such optimism.
