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
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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 100 countries/regions with a goal to expand to many more in the future.
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.
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. As Seen on BBC: The Visa B2B Connect Story
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.
Benefits of Visa B2B Connect Integration, available via Bottomline
Visa B2B Connect offers a unique opportunity for banks and their business customers to streamline operations, reduce costs and enable growth.
Enhanced Customer Experience
Visa B2B Connect offers financial institutions the ability to deliver B2B cross-border payments with certainty and consistency, utilising innovative technology that offers a range of benefits:
- Finality – Visa B2B Connect delivers irrevocable payments in full value, every time
- Predictability – in knowing exactly when the funds will be delivered
- Transparency – when it comes to fees and foreign exchange rates
Reduced Cost
Visa B2B Connect offers a more cost-effective cross-border payment process:
- A single connection to a global network with no intermediary fees
- Easy implementation and enhanced translation mean reduced upfront infrastructure investment
- Efficiently manage liquidity and reduce dependency on correspondent relationships, reducing operational overheads
Security and efficiency
Visa B2B Connect combines innovative technology with Visa’s 60+ year track record as a global payments leader:
- The network is made up of known participants screened by Visa B2B Connect for enhanced payment security
- Visa B2B Connect’s digital identity feature tokenises an organisation’s sensitive business information giving them a unique identifier
- Flexible deployment with easy onboarding and integration
- Straight-through-processing delivers a streamlined payment experience, helping to drive operational efficiencies
- Direct messaging within the network facilitates efficient case resolution
Innovation and optionality
The Visa B2B Connect network offers financial institutions the opportunity to provide value added services to attract and retain clients:
- FIs can choose to complement their other payment services with Visa B2B Connect
- FIs have the choice of using Visa or their own FX rates for foreign currency payments
- Visa’s unique technology offers significant benefit when compared to more traditional solutions
Support solutions
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.
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.
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.
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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