NASSAU, BAHAMAS — Deltec Bank & Trust Limited has announced that it has joined Visa B2B Connect, a multilateral payment solution that enables faster and frictionless cross-border payments for its corporate clients, built upon Visa’s extensive global network.
“Deltec Bank has a strong history serving global, rapidly-scaling entrepreneurs and their enterprises – where speed, reliability, predictability, and security are paramount,” a statement from Deltec read.
“Through its implementation of Visa B2B Connect, Deltec Bank’s corporate and institutional clients will achieve faster, more secure, and more efficient cross-border payments with near real-time visibility into payment statuses and the necessary reconciliation and compliance data.”
CEO of Deltec Bank, said they are “thrilled” to join the Visa B2B Connect.
“As entrepreneurs and enterprises strive to expand their global footprints, they truly value partners that offer simple and highly secure cross-border transactions, along with solutions that help to improve their operational efficiencies. We are proud to partner with Visa in removing hurdles that have previously existed in the payment journey while providing a seamless and secure payments process for today’s global enterprises.”
Frank Gandarillas, General Manager for the Caribbean at Visa, said, “Visa B2B Connect is our multilateral network that enables predictable, secure, and effective cross-border B2B transactions for financial institutions and their corporate clients. We aim to continue expanding the ecosystem with innovative solutions that create opportunities for partnering as we have done with Deltec to invigorate the way of moving cross-border funds.”
Presently, Visa B2B Connect is available in 118 countries in 6 continents, and Bahamas is one of these countries that are ready to send and receive funds through a state-of-the-art technological platform that provides enhanced efficiencies, promotes greater transparency, and reduces the complexity and slowness of the intermediation under which operates the traditional correspondent banking networks, said Edward Dominguez, Head of Money Movement Specialized Sales for Banks and Remitters – LAC Region.
Visa B2B Connect aims to address these challenges by modernizing existing global payment processes through its digital-first capabilities. The unique network dramatically simplifies international corporate cross-border payments by facilitating transactions directly between the bank of origin and 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 transparenc,and transaction accurac, and helping companies manage their cash flows and streamline settlement.
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