Krungthai Bank (KTB) today announced a partnership with Visa, to become the first Thai financial institution to implement the Visa B2B Connect solution, an innovative, fast and transparent way to process high-value, cross-border corporate payments effectively.
Visa B2B Connect is designed to streamline cross-border corporate payments by moving money directly from the originating bank to the beneficiary bank. The solution also helps increase the visibility and predictability of the transaction flow, by giving customers an opportunity to track the status of payments in near real-time, while improving accuracy.
Tawatchai Cheevanon, Senior Executive Vice President, Head of Global Transaction Banking Group, Krungthai Bank Public Company Limited said: “As a leading financial institution in Thailand, KTB is committed to developing comprehensive financial technology and innovation services to support the drive towards the sustainable economy in line with Krungthai’s “Growing Together for Sustainability” strategy. The partnership with Visa is one of our strategies to create a sustainable ecosystem of financial management services for corporate customers, including payment, liquidity management and real-time digital cross-border money transfer services to allow customers manage their cashflow efficiently.
Serene Gay, Group Country Manager for Regional Southeast Asia, Visa said: “As Thai businesses continue to expand globally, innovative solutions are emerging that reimagine how B2B cross-border payments are made. These evolving solutions are offering important advantages to banks and their customers by providing improved transparency, increased predictability, and ultimately profitability.
We are pleased to be working with Krungthai Bank to leverage our technology and network, thereby giving Thai businesses critical tools to succeed and thrive in this ever-changing global commerce landscape. Visa’s core strategy is to help clients and partners drastically improve their customers’ friction-filled experiences. The future of B2B cross-border payments promises to be simpler, secure, lower cost, and more transparent to enhance the payment experience for everyone, everywhere.”
“Krungthai is the first financial institution in Thailand to provide international money transfer services to corporate customers via Visa B2B Connect. This world-class technology will enhance our services for customers to ensure convenient, fast, and secure transactions.”
- Faster – by transferring money directly from the originating bank to the beneficiary bank
- Cost effective – by transferring money directly to a beneficiary account without intermediary Bank, which helps reduce costs
- More confident – be able to accurately track the status of the payment in near real-time
Currently, Visa B2B Connect supports a number of foreign currencies and is available in over 100 countries and territories worldwide” Mr Tawatchai concluded.
Visa is Krungthai Bank’s strategic partner for its Digital Remittance Solutions project. It aims to strengthen the bank’s international business services and offerings based on the X2G2X strategy to collaborate and explore new opportunities with partners including government agencies.