Global payments specialist Visa has launched the Visa B2B Connect network, a cross-border B2B (business-to-business) payments network that enables financial institutions to quickly and securely process high-value corporate cross-border payments globally.

According to Visa, the network can assist financial institutions in letter of credit (L/C) transactions.

Global trade corridors

Initially, Visa B2B Connect will be available for more than 30 global trade corridors, and aims to expand to reach as many as 90 markets by the end of 2019.

Visa B2B Connect claims to remove friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank.

Digital identity

The network's digital identity feature digitises an organisation's sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network.

The digital identity feature aims to transform the way information is exchanged in B2B cross-border transactions.

L/C messaging

Identifiers are linked to important financial account details, and any change in those details can alert financial institutions to possible changes within corporate structures for further follow up.

Visa B2B Connect can also pass additional information across the network via ISO 20022 messaging standards as used in some L/C transactions.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.