Qatar Islamic Bank Partners with Visa to Boost Cross-Border B2B Payments
Qatar Islamic Bank (QIB) has partnered with Visa to enhance cross-border business-to-business (B2B) transactions.
The collaboration involves the integration of the Visa B2B Connect platform, which will enable corporate clients to transfer funds from Qatar to 120 countries in a secure and streamlined manner.
The platform is designed to support businesses in conducting international transactions more efficiently, aiming to improve the reliability and security of cross-border payments.
QIB's adoption of Visa B2B Connect aligns with its broader strategy to strengthen international payment corridors and provide clients with cost-effective and consistent transfer services.
Tarek Fawzi, General Manager, Wholesale Banking Group at QIB, said:
'By leveraging cutting-edge technology and digital advancements, we're able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.'
QIB is the first Islamic bank in Qatar to adopt the Visa B2B Connect platform, adding to its existing international money transfer services and expanding its digital payment capabilities.
Shashank Singh, Visa's Vice President and General Manager for Qatar and Kuwait, said:
'Visa B2B Connect provides seamless, secure and efficient global money movement solutions for financial institutions and their corporate clients. The solution also supports the Qatar government's efforts to drive digital innovation in the financial and business sector.'
International money transfers often involve complexities, but this new network aims to improve transparency and predictability.
These features may support better financial planning and strategic decision-making for businesses operating across borders.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
7 hours ago
- Arabian Business
UAE shoppers want 1-click, biometric checkouts for safer online payments: Visa
Consumers across the UAE are calling for more secure and seamless online shopping experiences, according to Visa's latest Checkout Friction Report. Despite the rapid growth of ecommerce and digital adoption in the region, key challenges at the checkout stage continue to hinder consumer satisfaction and business performance. Based on a survey of more than 2,000 online shoppers across the GCC, the report shows that security concerns and complex payment steps are the top barriers to smooth transactions. Online shopping in the UAE In the UAE, 40 per cent of shoppers cite fear of fraud as their biggest concern, while 37 per cent are frustrated by the need to repeatedly enter card details. Shopping frequency is high, with one in three UAE consumers buying groceries online multiple times a week, and categories like fashion, entertainment, and electronics seeing regular purchases monthly. However, friction during checkout can lead to abandoned carts and lost revenue for retailers. Visa's research underscores a growing preference for advanced payment technologies. A significant 67 per cent of UAE shoppers said they would adopt biometric authentication like fingerprint or face ID to check out online. Additionally, 65 per cent support a unified registration process for digital payments across websites. The report also highlights that 82 per cent of consumers would shop online more frequently if one-click checkout options were widely available, and 66 per cent are likely to use Visa's 'Click to Pay with Biometrics' feature. This solution simplifies online shopping by eliminating manual card entry, using secure device-based biometric authentication to speed up and protect the transaction process. Salima Gutieva, Visa's VP and Country Manager for UAE, said: 'Challenges in the online checkout process have direct implications for businesses, resulting in lost revenue, and hampering both customer acquisition and retention. 'Today's consumers expect – and deserve – a more seamless and secure eCommerce experience. That's why Visa is working with partners to enable solutions like Click to Pay, which leverages biometrics and tokenisation to eliminate key pain points and deliver a more convenient shopping experience.
Arabian Post
7 hours ago
- Arabian Post
Big Tech Eyes Stablecoins to Streamline Global Payments
Major technology companies are exploring stablecoin integration to reduce transaction fees and enhance global payment efficiency, signaling a potential shift in the digital payments landscape. Apple is reportedly in discussions with Circle, the issuer of the USDC stablecoin, to explore potential integration of stablecoin payments into its ecosystem. This move could enable seamless, tap-to-pay transactions using USDC on Apple devices, leveraging the company's recent decision to open its NFC technology to third-party developers. Such integration would allow users to conduct transactions without relying on traditional banking intermediaries, potentially reducing costs and increasing transaction speed. Airbnb is collaborating with Worldpay to explore stablecoin payouts, aiming to mitigate the high fees associated with Visa and Mastercard transactions. By integrating stablecoin payments, Airbnb seeks to offer a more cost-effective and efficient payment solution for its global user base. Worldpay's partnership with stablecoin infrastructure startup BVNK further supports this initiative, enabling businesses to make payouts using stablecoins without the need to handle digital assets directly. ADVERTISEMENT X, formerly known as Twitter, is developing its payments platform, X Money, which is set to launch later this year. The platform will feature Visa as its first partner, enabling secure and instant funding to users' X Wallets via Visa Direct. X Money has obtained money transmitter licenses in 41 US states and is banking with Citibank, with agreements with Stripe and Adyen. The integration of stablecoin payments into X Money could offer users a seamless and efficient payment experience, aligning with Elon Musk's vision of transforming X into an 'everything app.' Google Cloud has already taken steps toward stablecoin integration by supporting PayPal's PYUSD on its Web3 Faucet. This initiative allows developers to access testnet PYUSD on Ethereum and Solana, facilitating the development and testing of applications that utilize stablecoin payments. By providing these tools, Google Cloud aims to support the growth of Web3 applications and the broader adoption of stablecoins in digital commerce.
Fintech News ME
15 hours ago
- Fintech News ME
Qatar Islamic Bank Partners with Visa to Boost Cross-Border B2B Payments
Qatar Islamic Bank (QIB) has partnered with Visa to enhance cross-border business-to-business (B2B) transactions. The collaboration involves the integration of the Visa B2B Connect platform, which will enable corporate clients to transfer funds from Qatar to 120 countries in a secure and streamlined manner. The platform is designed to support businesses in conducting international transactions more efficiently, aiming to improve the reliability and security of cross-border payments. QIB's adoption of Visa B2B Connect aligns with its broader strategy to strengthen international payment corridors and provide clients with cost-effective and consistent transfer services. Tarek Fawzi, General Manager, Wholesale Banking Group at QIB, said: 'By leveraging cutting-edge technology and digital advancements, we're able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.' QIB is the first Islamic bank in Qatar to adopt the Visa B2B Connect platform, adding to its existing international money transfer services and expanding its digital payment capabilities. Shashank Singh, Visa's Vice President and General Manager for Qatar and Kuwait, said: 'Visa B2B Connect provides seamless, secure and efficient global money movement solutions for financial institutions and their corporate clients. The solution also supports the Qatar government's efforts to drive digital innovation in the financial and business sector.' International money transfers often involve complexities, but this new network aims to improve transparency and predictability. These features may support better financial planning and strategic decision-making for businesses operating across borders.
