Visa, the world leader in digital payments, recently announced a significant partnership with First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, to expand the Visa B2B Connect network in the region.
According to Industry sources, the partnership focuses on to boosting corporate cross-border payments (CB), allowing businesses in the UAE to conduct secure and efficient transactions globally.
Industry sources added that the agreement was signed by Sanjay Sethi, Head of Global Transaction Banking at FAB, in the presence of Sara Al Binali, Group Head of Corporate and Commercial Banking at FAB, and Shahebaz Khan, Senior Vice President, Head of Commercial & Money Movement Solutions for Visa B2B Connect, CEMEA.
The strategic partnership marks a huge milestone for both firms, displaying their shared commitment to innovation and excellence in the financial sector.
“We are excited to welcome FAB to the Visa B2B Connect network,” stated Vishal Virmani, Head of Visa B2B Connect CEMEA at Visa. “This partnership represents a significant step forward in our mission to provide seamless, secure, and efficient payment solutions for businesses. FAB’s market leadership and extensive network will be instrumental in driving the adoption of our platform across the UAE.”
Industry sources confirmed that Visa B2B Connect is a non-card-based multilateral platform designed to offer predictable, secure, and cost-effective cross-border payments for financial institutions and their corporate clients. The platform boosts international transactions by curbing the number of intermediaries involved, improving efficiency and transparency.
By leveraging Visa’s cutting-edge technology, FAB aims to enhance its innovative payment offerings and strengthen its position as a leading provider of transaction banking services in the region. With FAB’s extensive market reach and financial expertise, integrating with the Visa B2B Connect network will enhance the capabilities to offer superior payment solutions to corporate clients across the region.
Industry sources further added that this strategic partnership displays the value of collaboration in aiding FAB and Visa’s global connectivity while leveraging their combined capabilities to offer innovative solutions for clients. FAB has a global footprint across 20 markets, offering clients a comprehensive range of cutting-edge products that enable regional and international trade. This partnership thus boosts overall the clientele experience and also fastens the digital transformation, aiding the UAE in its global integration of businesses.
