Implementation of Visa B2B Connect at BISbank

CHALLENGE

In 2020, BISbank set itself the task of implementing the innovative Visa B2B Connect payment platform. This platform was designed to enable direct international transactions between clients of banks connected to it. The main goal was to provide fast and transparent cross-border corporate payments for the bank’s clients with low commission fees.

SOLUTION

For the implementation of this project, BISbank selected CS company as a technology partner and integrator. The collaboration began in the fall of 2020 when the bank transitioned to the CS software suite. In December of the same year, a contract was signed for the development of an integration module to connect to Visa B2B Connect.

Key elements of the solution included developing a scalable integration module, integrating it into the CBS B2, implementing internal control over operations, and ensuring compliance with regulatory requirements.

RESULTS

In July 2021, the first commercial launch of the Visa B2B Connect platform in Ukraine took place at BISbank. The implementation of this innovative platform brought a number of significant advantages:

• Optimization of the international payment process:
  • Visa became the payment processing center, which significantly accelerated the process.
  • Legal entities – bank clients gained the ability to make international payments with low commission fees.
  • The speed of funds transfer from payer to recipient was substantially increased.
  • Payments are now processed without the involvement of intermediary banks, which simplifies the process and reduces costs.
• Enhanced security and control:
  • Internal control over terrorism financing and money laundering operations has been implemented in the payment system.
  • Payments through Visa B2B Connect have financial monitoring control and connection with export-import contracts, ensuring compliance with regulatory requirements.
• Integration and transparency:
  • The module is integrated into CBS B2 and connected with all necessary subsystems for making payments.
  • The bank gained the ability to promptly receive information about payment status from Visa.
  • Functionality for displaying the bank’s net position for settlements in the Visa B2B Connect system has been implemented.

These results allowed BISbank to significantly improve the quality of service for corporate clients, making international payments faster, cheaper, and more secure. The implementation of Visa B2B Connect also strengthened the bank’s position as an innovation leader in the Ukrainian financial services market.

Taras Leskiv, Project Manager, CS Company

For CS company, this was an interesting project regarding the integration of CBS B2 with Visa B2B Connect. We strive for innovation and try to implement new systems and know-how from global leaders in banking services into our software. We hope that this functionality will allow the bank’s clients to get a fast, reliable, and cost-effective way of making international payments, maximally satisfying client requirements. This project allowed us to gain serious experience in joint work with the product supplier – the business solutions implementation team from Visa. We also want to thank the BISbank team for their collaboration in this project.

Vitaliy Zinnikov, Chairman of the Board of JSC “BANK FOR INVESTMENTS AND SAVINGS”

We are pleased to present the Visa B2B Connect service in Ukraine and offer our corporate and business clients fast and secure international transactions. We are confident that with this innovative payment solution, our bank will contribute to strengthening local business and the digital transformation of Ukraine. We would like to acknowledge the contribution of our partner – CS company, without which the project implementation would have been impossible. The high level of professionalism of the CS team and their readiness to accept challenges contributed to the development of an integration solution for connecting to the Visa service.