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Visa (V), TD Tie Up to Ease Cross-Border Payments in Canada
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Visa Inc.’s (V - Free Report) business Visa Canada recently joined forces with the Canadian financial services provider TD Securities ("TD"). With this deal, V aims to simplify the cross-border payments of the latter's corporate clients via its world-class digital capabilities.
Thanks to the recent tie-up, TD emerges as the first Canadian financial institution to be part of the cross-border business-to-business (B2B) payments network, Visa B2B Connect. The network through which funds are transferred from the bank of origin directly into the bank account of a beneficiary facilitates a seamless and secure transfer of funds on a real-time basis worldwide.
Therefore, the ulterior motive of the partnership is to make global corporate payments easier, safer, quicker and affordable. Additionally, better fee transparency, transaction accuracy, effective management of cash flows and simplified settlement are some of the other advantages offered by Visa B2B Connect.
The latest move reinforces Visa’s continuous efforts to devise an enhanced cross-border payment system on the back of its innovative digital solutions. The COVID-19 pandemic compelled most organizations to transform their business models and increasingly adopt digital means while making payments.
Further, through the enhancement of global payment processes, Visa targets some of the most critical headwinds dampening prospects of the extensive cross-border payments market. The challenges are mostly linked to systematic issues.
TD shares a common aim with Visa to ease international cross-border payments conducted by corporate clients, thereby emerging as an apt partner.
Visa’s intensifying focus on strengthening its foothold across the Canadian cross-border payments market can be clearly reflected in this latest move. With digital transformation efforts shaping every sphere of life, there is robust demand for convenient and affordable digital cross-border payment solutions. Thus, by adding more partners to its network, Visa B2B Connect offers Visa the perfect ground to capitalize on demand for enhanced digital solutions in the B2B payments space.
Other companies like Mastercard Incorporated (MA - Free Report) , The Western Union Company (WU - Free Report) and MoneyGram International, Inc. also resorted to creating a solid digital arm for capitalizing on robust demand for hassle-free cross-border payments.
Mastercard keeps an eye on partnering with global and regional financial service providers to modernize the money movement process for consumers and businesses. MA continues adhering to a digital partnership strategy and undertaking significant investments to enhance its digital capabilities. In September 2022, MA cemented its collaborative ties with TripLink to add better cross-border payment capabilities to its businesses in the Asia-Pacific region.
Western Union remains the preferred partner for conducting money transfers, considering its expansive worldwide reach into billions of bank accounts, including millions of wallets and cards spanning more than 130 countries. WU has been entering into several collaborations for a while to solidify its digital arm, thus facilitating efficient management of global payments and boosting its customer experience. In October 2022, WU introduced inbound international money transfer services for Chinese customers using the Weixin app.
MoneyGram continues to bolster its digital money transfer business rapidly with the help of constant partnerships and significant investments. MGI’s investments in digital network expansion, now extending to more than 100 countries, are paying off as more and more digital partners are using its global platform. In October 2022, MGI tied up with Jingle Pay, the financial super-app in the United Arab Emirates (UAE). Management also announced a minority investment in the firm to help UAE consumers engage in convenient and speedy global money transfers through the Jingle Pay app.
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Visa (V), TD Tie Up to Ease Cross-Border Payments in Canada
Visa Inc.’s (V - Free Report) business Visa Canada recently joined forces with the Canadian financial services provider TD Securities ("TD"). With this deal, V aims to simplify the cross-border payments of the latter's corporate clients via its world-class digital capabilities.
Thanks to the recent tie-up, TD emerges as the first Canadian financial institution to be part of the cross-border business-to-business (B2B) payments network, Visa B2B Connect. The network through which funds are transferred from the bank of origin directly into the bank account of a beneficiary facilitates a seamless and secure transfer of funds on a real-time basis worldwide.
Therefore, the ulterior motive of the partnership is to make global corporate payments easier, safer, quicker and affordable. Additionally, better fee transparency, transaction accuracy, effective management of cash flows and simplified settlement are some of the other advantages offered by Visa B2B Connect.
The latest move reinforces Visa’s continuous efforts to devise an enhanced cross-border payment system on the back of its innovative digital solutions. The COVID-19 pandemic compelled most organizations to transform their business models and increasingly adopt digital means while making payments.
Further, through the enhancement of global payment processes, Visa targets some of the most critical headwinds dampening prospects of the extensive cross-border payments market. The challenges are mostly linked to systematic issues.
TD shares a common aim with Visa to ease international cross-border payments conducted by corporate clients, thereby emerging as an apt partner.
Visa’s intensifying focus on strengthening its foothold across the Canadian cross-border payments market can be clearly reflected in this latest move. With digital transformation efforts shaping every sphere of life, there is robust demand for convenient and affordable digital cross-border payment solutions. Thus, by adding more partners to its network, Visa B2B Connect offers Visa the perfect ground to capitalize on demand for enhanced digital solutions in the B2B payments space.
Shares of Visa have lost 14.3% year to date compared with the industry’s decline of 18.6%. V currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Other companies like Mastercard Incorporated (MA - Free Report) , The Western Union Company (WU - Free Report) and MoneyGram International, Inc. also resorted to creating a solid digital arm for capitalizing on robust demand for hassle-free cross-border payments.
Mastercard keeps an eye on partnering with global and regional financial service providers to modernize the money movement process for consumers and businesses. MA continues adhering to a digital partnership strategy and undertaking significant investments to enhance its digital capabilities. In September 2022, MA cemented its collaborative ties with TripLink to add better cross-border payment capabilities to its businesses in the Asia-Pacific region.
Western Union remains the preferred partner for conducting money transfers, considering its expansive worldwide reach into billions of bank accounts, including millions of wallets and cards spanning more than 130 countries. WU has been entering into several collaborations for a while to solidify its digital arm, thus facilitating efficient management of global payments and boosting its customer experience. In October 2022, WU introduced inbound international money transfer services for Chinese customers using the Weixin app.
MoneyGram continues to bolster its digital money transfer business rapidly with the help of constant partnerships and significant investments. MGI’s investments in digital network expansion, now extending to more than 100 countries, are paying off as more and more digital partners are using its global platform. In October 2022, MGI tied up with Jingle Pay, the financial super-app in the United Arab Emirates (UAE). Management also announced a minority investment in the firm to help UAE consumers engage in convenient and speedy global money transfers through the Jingle Pay app.