Visa and Kapital Bank Expand Visa B2B Connect to Azerbaijan
Visa’s innovative non-card-based payment network, Visa B2B Connect is now processing transactions to and from Azerbaijan making cross-border corporate payments fast, secure and more efficient.
Visa, a global leader in digital payments, today announced that Visa B2B Connect is now live in Azerbaijan in partnership with Kapital Bank. Visa B2B Connect enables Kapital Bank and its corporate and business clients to send and receive corporate cross-border business-to-business (B2B) payments quickly, securely, and at a lower operational cost. The innovative non-card-based platform also simplifies global corporate payments significantly by facilitating transactions from the bank of origin directly to the beneficiary bank, overcoming costly processes and geographic barriers, and enabling an improved, seamless end-to-end experience.
Visa B2B Connect addresses limitations in existing processes by significantly shortening funds settlement speed. The platform also increases visibility and predictability into the transaction flow, giving buyers and suppliers an opportunity to track the status of payments from the origin bank to the destination bank in near real time, improving and simplifying transaction accuracy, reconciliation and cash flows management.
“Visa B2B Connect is a fast, secure and efficient platform, designed specifically to overcome obstacles in the cross-border corporate payments space,” said Rakesh Khanna, Vice President, Business Solutions, CEMEA, Visa. “Together with Kapital Bank we are excited to expand Visa B2B Connect to a new geography – Azerbaijan, that becomes our first country in CEMEA region where this platform goes live – to scale digital innovations and increase efficiency of local financial institutions and their corporate clients. Our goal at Visa is to keep increasing Visa B2B Connect use cases in CEMEA to continue driving value for banks as the trusted engine of commerce.’’
Enhanced security and fraud protection are also key features embedded in this unique platform. Thanks to Visa B2B Connect’s digital identity feature, which tokenizes sensitive business information, such as banking details and account numbers, a company receives a unique identifier to facilitate transactions in a global ecosystem, helping reduce opportunity for fraud. Visa B2B Connect also overcomes the limitations of closed-loop systems as the platform can work - and is compatible - with other existing payments rails and networks.
“We are excited to bring Visa B2B Connect to Azerbaijan serving our corporate and business clients with fast and secure international business transactions,“ commented Nakhid V. Zeynalov, Deputy Chairman of the Board, Chief Information Officer, Kapital Bank. “We are certain that with this innovative payment solution our bank can strengthen local business and digital transformation of our country. Together with Visa we are aiming to further promote innovation, and meet the high standards of the overall payment ecosystem that is increasingly open, transparent and interconnected.”
Visa B2B Connect is currently available in more than 80 markets around the world.
“With Visa B2B Connect our partner banks and their corporate clients will have access to substantial value and greater efficiency, also reducing overall international transaction cost,” emphasized Cristina Doros, Country Manager, Caucasus region, Visa. “Together with our partner, Kapital Bank, we are happy to expand this platform to Azerbaijan. At Visa we keep driving innovations helping local economy and businesses to become more efficient and sustainable.”
###
About Visa B2B Connect
Visa B2B Connect is an innovative non-card-based multilateral platform delivering B2B cross-border payments that are predictable, secure and cost-effective for financial institutions and their corporate clients. Using a one-to-many connection, Visa B2B Connect helps reduce a number of correspondent transfers required to process a payment. This allows for more cost-effective cross-border transactions and provides both corporate finance institutions and their customers transparent view of fees associated with each transaction helping the companies to manage their cash flows. Visa B2B Connect platform can also be used to send payments to out-of-platform banks.
To learn more about Visa B2B Connect and how to join the platform, please visit www.visa.com/visab2bconnect
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
About Kapital Bank
Kapital Bank, the first bank in the country, is a part of PASHA Holding and provides services to our citizens in 102 branches and 20 outlets, having the widest service network in Azerbaijan. More detailed information about the products and services of the bank is available at the website www.kapitalbank.az , on the bank's pages in social media, as well as by phone 196 (customer service center).
Bizi sosial şəbəkələrdən izləyin!!
