According to FF News, the collaboration intends to improve international payment solutions, especially for cross-border transactions, by utilizing the strengths of both Standard Chartered and Visa B2B Connect.

The system will be made available to clients in Singapore first, with the intention of eventually expanding to other organizations. Transactions will be sent straight to Visa for additional processing via API access, cutting down on the expenses and processing times brought on by using many middlemen.

For a few network currencies, Standard Chartered will function as both a participating bank and Visa's settlement partner.

The goal of this partnership is to improve customer security and efficiency by streamlining and expediting transactions. Visa's network and customer experience are further strengthened by the Bank's FX liquidity capabilities, which enable payments made in SGD and AED to be delivered to up to 100 other currencies.

"We are delighted to build on our existing partnership with Visa to deliver this innovative and future-ready cross-border payment network offering to our clients," stated Philip Panaino, Global Head of Cash at Standard Chartered. We will become a member bank and the new Visa settlement partner for a certain range of currencies. Corporates and payment networks alike are continuously searching for partners and solutions that will help them streamline cross-border transactions and boost operational efficiency while maintaining security in today's ever more linked world. In addition to supporting corporates on their payments journey, we also contribute value to the larger ecosystem through our participation in the Visa B2B Connect network as a settlement bank.

"Visa is committed to modernizing cross-border payments around the world, and the collaboration with Standard Chartered will extend our network even further," said Ben Ellis, senior vice president and global head of Visa B2B connect at Visa. We are thrilled to be working with Standard Chartered to streamline and expedite transactions for their customers, eliminating middlemen and saving money for a more effective and safe method of international money transfers.