TD Securities has become the first Canadian financial institution to join cross border business-to-business payments network Visa B2B Connect.
According to Visa research, cross-border money movement represents a $10 trillion opportunity for the payments industry. However, significant obstacles exist, with nearly 70% of corporations surveyed from across 20 countries reporting systematic issues with poor visibility and inefficiency as pain points.
Visa's answer is B2B Connect, which promises to simplify international corporate cross-border payments by facilitating transactions between the bank of origin, directly to the beneficiary bank.
By increasing the visibility and predictability of the transaction flow, Visa B2B Connect simplifies global payments and creates more cost-effective cross-border transactions by improving fee transparency, transaction accuracy, and helping companies manage their cash flows and streamline settlement, says the firm.
Akhil Lamba, executive MD, head, global transaction banking, TD Securities, says: "This collaboration is part of TD's ongoing commitment to delivering innovative payment solutions to our corporate clients, along with seamless client experiences that make doing business internationally, faster with more end-to-end transparency and predictability."