- TD Securities has joined the Visa B2B Connect network to improve cross-border payments for its corporate clients.
- TD is the first Canadian institution to join the digital-first network, which improves the accuracy and efficiency of transactions.
- Visa's research shows that cross-border transfers represent a multi-trillion-dollar opportunity for the payments industry.
Canadian investment bank TD Securities is joining the Visa B2B Connect network to improve the quality and efficiency of international business payments for its corporate clients.
In a press release announcing the "innovative" collaboration, TD said the move was driven by its desire to break down barriers and deliver faster, more reliable and transparent payments.
The Visa B2B Connect network does this via its digital-first infrastructure, which simplifies the payment process, improves accuracy and lowers the costs of transactions.
TD is the first Canadian financial institution to join Visa B2B Connect and its Executive Managing Director, Akhil Lamba, said he was "thrilled" at the prospect.
He added: "This collaboration is part of TD's ongoing commitment to delivering innovative payment solutions to our corporate clients, along with seamless client experiences that make doing business internationally faster, with more end-to-end transparency and predictability."
The quest to deliver fast global business transfers is taking on greater precedence, with clients eager to adopt more visible and efficient payment processes.
Visa's research found that the payment industry could unlock $10tn in revenue by providing better cross-border money transfer services.
Visa Canada Vice President Jim Filice says its "modern" system makes international business payments faster, more convenient and more secure.
Visa B2B Connect does this by facilitating the movement of money directly between two banks and ensuring the transaction flow is predictable and transparent.
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