Qatar Islamic Bank Partners with Visa to Boost Cross-Border B2B Payments
Qatar Islamic Bank (QIB) has partnered with Visa to enhance cross-border business-to-business (B2B) transactions.
The collaboration involves the integration of the Visa B2B Connect platform, which will enable corporate clients to transfer funds from Qatar to 120 countries in a secure and streamlined manner.
The platform is designed to support businesses in conducting international transactions more efficiently, aiming to improve the reliability and security of cross-border payments.
QIB's adoption of Visa B2B Connect aligns with its broader strategy to strengthen international payment corridors and provide clients with cost-effective and consistent transfer services.
Tarek Fawzi, General Manager, Wholesale Banking Group at QIB, said:
'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 is the first Islamic bank in Qatar to adopt the Visa B2B Connect platform, adding to its existing international money transfer services and expanding its digital payment capabilities.
Shashank Singh, Visa's Vice President 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.'
International money transfers often involve complexities, but this new network aims to improve transparency and predictability.
These features may support better financial planning and strategic decision-making for businesses operating across borders.
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