By Andrei Skvarsky.
Standard Chartered has joined Visa B2B Connect, a cross-border payments network for businesses that the Visa corporation, which runs the system, says can cut settlement times to one or two days from “potentially weeks”.
So far Standard Chartered Singapore is the only division of the London-based bank to have joined Visa B2B Connect, but other units of the lender are going to be plugged in “in the months ahead”, the bank said in a statement without giving a detailed timeframe.
Through Visa B2B Connect, Standard Chartered transactions would be routed directly to Visa, “removing multiple intermediaries and the associated costs and delays”, the statement said.
The network is described on the Visa website as a “predictable, secure and cost-effective” system.