Cross border payments, a complex journey.

Don't let cross-border payments slow down your business with pain points that include:


Businesses in international trade have complex, crossborder payment needs, yet existing systems tend to be non-transparent, slow and expensive to employ. 

Pain points include: 

  • Lack of visibility - With routing across multiple banks, it can be difficult to predict costs or know when payments arrive
  • Lack of liquidity - Separate accounts and poor visibility make it difficult to optimize liquidity
  • Unpredictable - Amount received by beneficiary, timing or funds delivery unclear at origination
  • Slow speeds - The average cross-border transaction takes three to five business days. (1)

1. Accenture research, estimates and analysis based on Juniper Research market sizing, Banking Circle; Glenbrook-Earthport, McKinsey; and SWIFT data.

Inefficiency - The current system is fragmented, inefficient, and not transparent, particularly for small banks and markets impacted by de-risking. (2)

Complex data requirements for compliance - Banks face challenges performing AML/KYC for all transactions as data is not rich / truncated across IT systems

Fees - Fees accumulate at each step in the process, including correspondent bank and third party service fees

Payment - data loss Inconsistencies in processing between banks along the transaction route can result in payment data loss and transaction errors

Insufficient messaging - Implementation of standards differ creating significant reconciliation challenges 

2. CGI Global Payments Research, 2017

The key to Real-Time cross-border payments is the interoperability of each scheme so that true global real-time transactions can be a reality. At present, real-time payment schemes do not provide universal connectivity and so it isn’t possible to send funds globally (inter-Europe is a reality with SEPA Inst and TIPS). Therefore, it is of paramount importance that banks & financial institutions plan to connect to multiple schemes and central infrastructures and leverage the global rails of SWIFT and Visa to fill this gap.

Visa B2B Connect provides an avenue to improve your cash position by taking trapped liquidity out of the corresponding network in these challenging times for your domestic market lending.

Visa B2B Connect is available in 77 countries/regions with a goal to expand to many more in the future.

Visa B2B infographic

It is important to recognize that it isn’t a case or either/or for Instant Payments and Cross Border Payments – each have their own use cases and benefits. Financial Institutions and Banks need to plan a strategy for both to truly remain competitive in today’s fast-evolving payments ecosystem. 

Whether our customers need help to launch Instant Payments, or want to update and optimise their existing real-time payments infrastructure or take advantage of our kick integration for SWIFT gpi or Visa B2B Connect, Bottomline is here to partner you to the strategy that best fits your financial institution.

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Visa B2B Connect infographic
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video time: 41:00 video title: How Visa B2B Connect Transforms Cross-Border Payments and Drives Innovation

How Visa B2B Connect Transforms Cross-Border Payments and Drives Innovation

This joint webinar with Visa and Bottomline will highlight a new multilateral payment network designed to deliver predictable & transparent cross-border transactions. Visa B2B Connect provides an avenue to improve your cash position by taking trapped liquidity out of the correspondent network in these challenging times for your domestic market lending.

What are the latest big trends in payments and how should they be prioritised strategically?

There are a whole series of innovative changes occurring in the payment landscape aimed at making payments faster, more transparent and easier to manage. This podcast will help you decide which initiatives to prioritise to drive new revenue and provide an enhanced user experience for your customers.

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video time: 01:10:25 video title: Payments Modernization

Benefits of Visa B2B Connect

Visa B2B Connect offers a unique opportunity for banks and their business customers to streamline operations, reduce costs and enable growth. 


Seamless

  • Streamlined payments
  • Bank-to-bank payments with robust, streamlined data for improved transaction accuracy and easier reconciliation.
  • Transparency and finality
  • Clear transaction costs and payment schedules reduce uncertainty of payments
  • Reduced costs
  • A centralized network can reduce the number of relationships you need to manage
Payment Connectivity Illustration
Security and Compliance Illustration

Secure

  • Advanced security
  • Join a network strengthened by distributed ledger technology and the security of Visa.
  • Permissioned network
  • Closed, permissioned network where all members are known participants.
  • Fraud protection
  • Account data tokenized with unique digital identities, reducing the opportunity for fraud.

Flexible

  • Connect with ease
  • Visa B2B Connect delivers a range of application and implementation options so you can cater a solution to your needs.
  • Complementary and compatible
  • Shift to a modern payments experience that is compatible with existing systems.
  • Platform architecture
  • Visa B2B Connect is a modular architecture which helps us enable unique market and/or regulatory scenarios in a timely manner. This architecture primes us to embrace new technology like Hyperledger fabric to significantly enhance client experience.
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BIC as a Service Illustration

Scalable

  • Network scale
  • Visa B2B Connect is built on Visa's unsurpassed capabilities and formidable core assets.
  • Global connectivity
  • Enjoy same or next-day access to multiple currencies through a single integration.
  • Easy growth
  • Highly scalable, so you can grow your business and revenue.

A new multilateral payment network.

Download the brochure to learn more about the network designed to deliver predictable and transparent cross-border transactions. Improve your cash position by taking trapped liquidity out of the corresponding network in these challenging times for your domestic market lending.

Visa B2B Connect

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Support solutions

Universal Aggregator

Universal Aggregator

Our cloud-based financial messaging and payments platform provides a single point of access to multiple payment networks (connectivity, processing, monitoring, screening) for Financial Institutions and large corporates through a comprehensive Digital Payments Ecosystem. Accessing multiple payments networks carries heavy overheads, technical complexity and duplication of processes. Bottomline helps banks address all of these challenges, providing a seamless, single and secure access point to multiple global and domestic payment schemes.

Download Datasheet 

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Real-time Payments

Bottomline Real-Time Payments Express

More than 60 countries are already live with real-time payment schemes or due to launch imminently. With over half a million transactions predicted and a growth rate of 40% annually between 2020 and 2024, the speed and agility that Real-Time payments offers is universally recognised as providing a genuine alternative to traditional digital payments such as ACH, RTGS or cards. 

However, the key to Real-Time payments is the interoperability of each scheme so that true global real-time transactions can be a reality. At present, schemes do not provide universal connectivity and so it isn’t possible to send funds globally. Therefore, it is of paramount importance that banks and financial institutions plan to connect to multiple schemes and central infrastructures. 

 Download Datasheet

Real Time Payments Illustration

Swift Connectivity

Swift Connectivity

SWIFT gpi/Universal Confirmations - With more than 660 banks signed-up to the SWIFT gpi service, with the capability to channel payments into over 1,300 country corridors and 150 currencies. Every day, banks send the equivalent of over $300 billion in value and 56% of SWIFT’s 17 million daily messages.

 Download Datasheet

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Transformation and Enrichment

Bottomline Transformation and Enrichment Service

Reduce total cost of ownership and time to market by providing flexible and secure integration with back office environments, mutualization of services and compliance with all technical and regulatory requirements, such as ISO 20022 migration. We offer customers 'On Prem', Hosted or SaaS based solutions.

  Download Datasheet

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Message vault - Data Analytics

Bottomline Message Vault

Aggregated data and insights under the Bottomline Message Vault and Message Manager solutions leveraging real-time data and tracking capabilities to control the status of your business as well as providing enhanced analytics and intelligence for speedy and accurate decision making.

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