Visa in partnership with Terabank Implements Visa B2B Connect in Georgia
Tbilisi, April 20, 2023 – Visa, the world leader in digital payments, announces the implementation of Visa B2B Connect by Terabank in Georgia, that will be launched soon. It is a significant moment for Terabank as it will be a pioneer in the use of Visa's cutting-edge platform, Visa B2B Connect, solidifying the bank’s commitment to innovation and providing top-tier services to SMEs and large corporate clients.
“Our team is excited to launch Visa B2B Connect in Georgia in partnership with Terabank to facilitate cross-border payment from Georgia to multiple markets across the globe. We believe that by implementing one more innovative technology in Georgia, we increase the efficiency of local financial institutions and their corporate clients, and support businesses and SMBs to enjoy Visa B2B Connect platform and its benefits. At Visa, we are confident that by driving value for banks as trusted partners, we develop digital payments and e-commerce on a local and global level,” Diana Kiguradze, Visa Regional Manager for the Caucasus Region, said.
Visa B2B Connect is an innovative, non-card-based multilateral platform delivering B2B cross-border payments to 107 countries worldwide, that are predictable, secure, and cost-effective for financial institutions and their corporate clients. Unlike traditional methods, Visa B2B Connect facilitates account-to-account transactions from customer accounts directly to beneficiary banks in a seamless manner within 24 to 48 hours, depending on the receiving country. This will create a competitive benefit for all commercial clients of the bank, and it will be possible to receive the service both remotely, through the Terabank mobile application, and over-the-counter at Terabank branches.
“As a Bank, we aim to provide our clients with fast, transparent, and secure services. Terabank’s enrollment in Visa B2B Connect will help strengthen business in Georgia and further build the financial services ecosystem for our corporate clients. Terabank’s participation in Visa B2B Connect contributes to the bank’s digital innovation agenda and enhances the partnership of businesses in Georgia with foreign counterparties,” Thea Lortkipanidze, Chief Executive Officer of Terabank, said.
The Head of Visa B2B Connect, CEMEA, Vishal Virmani, said, “The Visa B2B Connect platform is designed to make cross-border payments easier, fast, secure, and efficient. Terabank’s participation in Visa B2B Connect will benefit the bank’s customers and expand cross-border commerce opportunities for the Georgian market.”
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 a number of correspondent transfers required to process a payment. This allows for more cost-effective cross-border transactions and provides both corporate finance institutions and their customers transparent view of fees associated with each transaction helping the companies to manage their cash flows. 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
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. 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 money movement. Learn more at visa.com.ge
Since 1999, Terabank has held a significant place in the Georgian financial sector. Its mission is to improve the lives of entrepreneurs, their employees, and their clients by fulfilling their business and personal financial needs. This is achieved by providing solutions, exceptional service and personal attention to every single interested person.
Press Office of Visa in Georgia
Noblet Media Eastern Partnership