TimeTestedNews |Access Bank, Visa partner to facilitate B2B cross-border payments

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  • The partnership will facilitate cross-border payments to 110 countries worldwide by adopting the Visa B2B Connect platform.
  • Businesses will enjoy cost-effective, reliable, and secure cross-border payments.
  • Account-to-account transactions from Access Bank in Nigeria to receiving banks in other countries will be facilitated with speed and efficiency.

Access Bank has partnered with Visa, the world leader in digital payments, to enhance the efficiency of cross-border business-to-business payments for the bank’s corporate, commercial and SME customers by adopting the Visa B2B Connect platform to send and receive payments to and from 110 countries worldwide. Visa B2B Connect is a payment platform that will allow Access Bank’s business customers to send money faster, efficiently, and securely from Nigeria to multiple markets across the globe, facilitating seamless business operations.

The announcement of this partnership signifies Access Bank’s commitment to digital innovation and providing best-in-class services to SMEs and large corporate clients. The collaboration will enhance customer experience and develop commerce across various trading corridors by providing businesses with cross-border payment services that are cost-effective, efficient, reliable, and secure.

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Commenting on this, Victor Etuokwu, Deputy Managing Director, Access Bank, said, “Access Bank has the vision to be the bank of first choice, offering innovative financial services, built on trust and driven by a passion for excellence. The partnership with Visa brings innovation to the forefront and provides our clients with the latest technology advancements to meet their changing needs. Access Bank’s Visa B2B Connect enrolment will help strengthen businesses in Nigeria by delivering fast, transparent, and secure payment services. The Bank’s participation in the Visa B2B Connect platform contributes to technology modernization and service excellence, enhancing Access Bank’s partnership with businesses in Nigeria.”

Also commenting on the partnership, the Head of Visa B2B Connect, CEMEA, Vishal Virmani, said, “With Access Bank’s addition to Visa B2B Connect, we are excited to launch the platform in Nigeria and West Africa to benefit businesses and the cross-border payments eco-system in the country. The solution supports digital innovation and increases efficiency for financial institutions and their corporate clients.”

Visa B2B Connect is an innovative, non-card-based multilateral platform delivering B2B cross-border payments to 110 countries worldwide that are predictable, secure, and cost-effective for financial institutions and their corporate clients. Although many businesses may find cross-border payments complex, Visa B2B Connect creates predictability and transparency for customers, providing key insights for strategic decision-making and business planning.

“Technology is bringing us closer together; yet, when it comes to small businesses and corporate clients moving money around the world, there are challenges that remain that haven’t been solved,” said Andrew Uaboi, General Manager Nigeria and Cluster Head of West Africa, Visa. “As Access Bank join the Visa B2B Connect network in Nigeria, The Bank’s collaboration with Visa will help businesses in the country to send and receive international payments quickly and securely.”

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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 the number of correspondent transfers required to process a payment. This allows for more cost-effective cross-border transactions and provides both corporate financial institutions and their customers a transparent view of fees associated with each transaction helping the companies to manage their cash flows. The Visa B2B Connect platform can also be used to send payments to out-of-network banks. To learn more about Visa B2B Connect and how to join the platform, please visit www.visa.com/visab2bconnect.

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating payment transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere uplift everyone everywhere and see access as foundational to the future of the money movement. Learn more at https://africa.visa.com.

About Access Bank plc

Access Bank is a leading Nigerian bank providing complete financial services to individuals, businesses, and corporate organizations. The bank has a strong focus on innovation, technology, and customer service and is committed to helping its customers achieve their financial goals. Visit www.accessbankplc.com for more information.