The Bahamas-based private and corporate bank Deltec Bank has joined Visa’s B2B cross-border payment network, Visa B2B Connect.
This partnership will enable faster cross-border payments for Deltec Bank’s corporate and institutional clients, built upon Visa’s global network, the companies said in a June 28 press release.
The bank’s implementation of Visa B2B Connect will also provide these clients with near real-time visibility into payment statuses and the necessary reconciliation and compliance data, according to the release.
“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,” Odetta Morton, CEO of Deltec Bank, said in the release. “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.”
The Bahamas is one of 118 countries on six continents in which Visa B2B Connect is available, per the release.
The technological platform allows these countries to send and receive funds with enhanced efficiencies, greater transparency and reduced complexity, the release said.
It facilitates transactions between the bank of origin, directly to the beneficiary bank, thereby simplifying international corporate cross-border payments, according to the release.
This solution provides financial institutions and their corporate clients with cross-border B2B transactions that are “predictable, secure and effective,” Frank Gandarillas, general manager for the Caribbean at Visa, said in the release.
“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,” Gandarillas said.
In another recently announced collaboration, NetXD said in May that it expanded its cross-border payments partnership with Visa B2B Connect, enabling it to onboard banks in Asia in addition to Europe and the Americas, where it already did so.
In February 2023, Freedom Finance Bank Kazakhstan JSC partnered with Visa to deploy the Visa B2B Connect payment service and facilitate cross-border payments from Kazakhstan. It was reported at the time that this collaboration was the first launch of Visa B2B Connect in central Asia.
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