Vibrant financial institution, Access Bank has partnered Visa, the world leader in digital payments, to enhance the efficiency of cross-border business-to-business payments, a partnership that will facilitate cross-border payments to some 110 countries globally.
Access Bank’s corporate, commercial and small and medium enterprises (SMEs) customers will be able to adopt Visa B2B Connect platform to send and receive payments to and from 110 countries worldwide in a faster, more efficient and more secured way, thus facilitating seamless global business operations.
Deputy Managing Director, Access Bank, Victor Etuokwu, said the deal signifies Access Bank’s commitment to digital innovation and providing best-in-class services to SMEs and large corporate clients.
According to him, the collaboration will enhance customer experience and develop commerce across various trading corridors by providing businesses with cross-border payment services that are cost-effective, efficient, reliable, and secure.
“Access Bank has the vision to be the bank of first choice, offering innovative financial services, built on trust and driven by a passion for excellence. The partnership with Visa brings innovation to the forefront and provides our clients with the latest technology advancements to meet their changing needs.
“Access Bank’s Visa B2B Connect enrolment will help strengthen businesses in Nigeria by delivering fast, transparent, and secure payment services. The bank’s participation in the Visa B2B Connect platform contributes to technology modernisation and service excellence, enhancing Access Bank’s partnership with businesses in Nigeria,” Etuokwu sasd.
Vishal Virmani Speaks
Head, Visa B2B Connect, CEMEA, Vishal Virmani, said Visa was excited with the partnership as it opens a new frontier across the West African region.
“With Access Bank’s addition to Visa B2B Connect, we are excited to launch the platform in Nigeria and West Africa to benefit businesses and the cross-border payments eco-system in the country. The solution supports digital innovation and increases efficiency for financial institutions and their corporate clients,” Virmani said.
Virmani said Visa B2B Connect is an innovative, non-card-based multilateral platform delivering B2B cross-border payments to 110 countries worldwide that are predictable, secure, and cost-effective for financial institutions and their corporate clients.
General Manager, Nigeria and Cluster Head of West Africa, Visa, Andrew Uaboi explained that although many businesses may find cross-border payments complex, Visa B2B Connect creates predictability and transparency for customers, providing key insights for strategic decision-making and business planning.
“Technology is bringing us closer together; yet, when it comes to small businesses and corporate clients moving money around the world, there are challenges that remain that haven’t been solved.
“As Access Bank join the Visa B2B Connect network in Nigeria, The bank’s collaboration with Visa will help businesses in the country to send and receive international payments quickly and securely,” Uaboi said.
He outlined that with its one-to-many connection, Visa B2B Connect helps to reduce the number of correspondent transfers required to process a payment, which allows for more cost-effective cross-border transactions and provides both corporate financial institutions and their customers a transparent view of fees associated with each transaction helping the companies to manage their cash flows.
He added that Visa B2B Connect platform can also be used to send payments to out-of-network banks.
Credit: thenationonlineng.net
