UK-based bank Standard Chartered has joined Visa B2B Connect, a multilateral payment network that enables faster and frictionless account-to-account cross-border payments for its corporate clients.

The solution, the bank notes, will expand and enhance its existing suite of payments solutions with a focus on facilitating faster and more cost-effective business-to-business (B2B) transactions across borders.

Through application programming interface connectivity between the bank and the network, transactions will be routed directly to Visa for further processing, removing multiple intermediaries and the associated costs and delays.

The solution offers multilateral connectivity to all network members through a single connection, the bank points out, with transparent timeframes and costs. These capabilities help meet the needs of corporates of all sizes that are actively looking at ways to achieve quicker and more secure and efficient cross-border payments.

Philip Panaino, the bank’s global head of cash, adds: “Our engagement in the Visa B2B Connect network – both as a participant and settlement bank – is yet another way we are delivering value add to the broader ecosystem as we support corporates on their payments journey.”