According to a press release, TD Securities will join the cross-border B2B payment network Visa B2B Connect to enable quick account-to-account international transfers.
According to the press release, Visa B2B Connect seeks to eliminate the challenges posed by cross-border money transfers, which are seen by many institutions as a major impediment. Numerous systematic issues, low visibility, and inefficiency are a few of these challenges.
Cross-border payments will be made easier thanks to Visa B2B Connect, which will offer a more modern, digital-first network that will enable transactions directly between the bank of origin and the beneficiary bank. It will make the transaction more predictable and visible.
“We are committed to make global business payments accessible, safe, and rapid, and this necessitates a modern cross-border payment infrastructure,” said Jim Filice, vice president and head of New Payments at Visa Canada. As the first Canadian banking institution on the network with Visa B2B Connect, we are honored to be working with TD.
We consider it an honor to collaborate with TD to facilitate money transfers by connecting their corporate clients with organizations throughout the globe.
The size of the client has an impact on how adversely financial institution executives see digital payment options, according to poll results. A 74% response percentage from large organizations said that they were “very delighted” with the solutions. Only 23% of small businesses exhibited this optimism.
