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Visa B2B Connect

Visa B2B Connect is designed to simplify and streamline cross-border B2B payments by utilizing blockchain technology to enhance transparency, security, and speed. It aims to address some of the challenges associated with traditional international payment processes, such as delays, inefficiencies, and the need for intermediaries.

 

Benefits

  • Enable swift and secure transfers at a lower cost from the originating bank to the beneficiary bank
  • Minimizing delays
  • Simplifying international transactions

Our competitive advantages

  • 100% shariah-backed
  • 9 major currencies
  • International peers : One of 109 countries FI worldwide

Key Highlight of Visa B2B Connect vs SWIFT

FeaturesVisa B2B Connect Swift
Speed
  • Leverages Visa's network infrastructure to facilitate faster transactions.
  • Within 1 hour and more than 50 of the beneficiary will receive the fund within 10 minutes subject to beneficiaries’ bank AML/KYC process).
  • Relies on intermediary banks, which can introduce delays.
  • Clearing/settlement typically takes several days (up to 3 day).
    • Cost
  • Streamlined approach eliminates intermediaries, resulting in cost savings for customers.
  • USD$8 per transaction.
  • High fees due to the involvement of multiple intermediary banks. 
  • USD$15 per transaction (minus USD$5 rebate).
    • Transparency
  • Providing real-time updates, ensuring transparency throughout the payment cycle.
  • Lack real-time tracking and visibility, challenging for customer to a track the progress of their transactions.
    • Security
  • Incorporates advanced security features.
  • Secure system.

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    BANK MUAMALAT MALAYSIA BERHAD REVISES UPWARD BASE RATE (BR), BASE FINANCING RATE (BFR) AND FIXED TERM ACCOUNT-i (FTA-i) DEPOSIT RATES

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    Notice on the launch of Islamic Pawn Broking (Muamalat Ar-Rahnu) based on the concept of Tawarruq and Cessation of Pawn Broking-i (Muamalat Ar Rahnu) based on the concept of Qard & Ujrah

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