QIB and Visa partner to facilitate B2B Cross-Border Payments
Account-to-account transactions from QIB Corporate accounts to beneficiary banks to be facilitated through the deployment of Visa B2B Connect. QIB Corporate and SME customers will gain access to an account-to-account cross-border payments service that operates 24x7 with ability to transactions in over 80+ currencies.
Qatar, Doha. QIB, Qatar's leading digital bank, and Visa, a world leader in digital payments, have partnered to streamline corporate cross-border business-to-business payments to 120 countries worldwide through the adoption of the Visa B2B Connect platform. The Visa B2B Connect platform is a payment network that will allow corporates to send money conveniently and securely from Qatar to multiple markets across the globe through QIB, therefore, facilitating seamless business operations.
The announcement of the partnership signifies QIB's continued commitment to collaborate with its partners to facilitate trade across various international payment corridors by giving customers cost-effective, efficient, reliable and secure, money transfer services.
Commenting on this, Mr. Tarek Fawzi, QIB's General Manager – Wholesale Banking Group, said: 'In today's fast-paced business environment, it's essential for companies to have a banking partner that can ensure swift transactions. Our partnership with Visa reinforces our commitment to providing businesses with efficient cross-border payment solutions. By leveraging cutting-edge technology and digital advancements, we're able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.'
QIB will be the first Islamic bank in Qatar adopting Visa B2B Connect and complementing its already existing outbound money transfer solutions and platforms simplifying international money transfer and payment services globally.
Also commenting on the partnership, Mr. Shashank Singh, Visa's VP and General Manager for Qatar and Kuwait, said 'Visa B2B Connect provides seamless, secure and efficient global money movement solutions for financial institutions and their corporate clients. The solution also supports the Qatar government's efforts to drive digital innovation in the financial and business sector and so we're excited to partner with QIB in bringing Visa B2B Connect for the benefit of the local market as well as the wider Middle East region.'
Although many businesses may find international money transfer complex, the new network promises predictability and transparency to customers, therefore, providing key insights for strategic decision making and business planning.
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