23 Aug 2023

Back in 2017, Visa unveiled its plans to create a new international payment network for business entities utilizing blockchain technology. Fast forward to 2021, and CS has proudly assumed the role of Ukraine's pioneering technology partner and integrator for Visa B2B Connect, successfully deploying the platform at BISbank (Bank for Investments and Savings). 

How can a bank join the Visa B2B Connect platform? 

To engage in transfers within the Visa B2B Connect, a bank needs to resolve both technical and contractual aspects of network integration. Receiving payments via B2B Connect, on the other hand, doesn't require extensive integration efforts from the financial institution. Transfers between program participants occur faster and come with economic benefits. However, banks that have not been directly connected to the network won't encounter issues when receiving funds. In such cases, funds will be credited using available alternative methods. 

Contractual issues are addressed by the banking institution to Visa representatives. As for the technological component, in order to work within the Visa B2B Connect platform, banking institutions must expand their system with the appropriate module. In this sense, they have quite a wide range of options. The bank can: 

• Develop proprietary modules for your own banking system using in-house programmer resources. 

• Outsource such development to a third party. 

• In the case of utilizing a specific banking system (BS) from an external vendor, a specialized module can be commissioned from the BS developer. 

BISbank chose the third implementation option, where the Visa B2B Connect module was integrated into the CS-developed CBS B2 system. 

None of the Ukrainian software vendors had encountered such a challenge before, adding a unique dimension to the situation. Through the synergistic collaboration of CS experts, BISbank, and the Visa business solutions implementation team, the project was successfully cmpleted. As a result, the bank now provides its clients with access to fast, transparent, and secure international payments, fostering the growth of Ukrainian legal entities in the realm of transnational business. 

The module developed by CS for integration with Visa B2B Connect is exceptionally easy to implement within any other bank operating on the CBS B2 framework. Integration with other banking systems is also feasible, albeit requiring a bit more time and certain module refinements. 

Among the advantages of this technological solution from CS: 

• Flawless integration into the existing system. 

• Individualized approach and ongoing support. 

• Adherence to regulatory requirements. 

Long-Term Advantages of the CS Integration Solution 

At CS, when embarking on a new project, we start with an analysis of the current state of the banking system and the specific tasks that the new enhancement needs to address. We take into account all the intricacies of the financial institution and commit to providing the necessary support for the seamless operation of the software in the future. 

Having collaborated with financial institutions since 1997, we are well aware that solutions lacking timely support and updates can swiftly lead to issues for a bank. The financial, legislative, and technological landscapes are subject to constant changes, and we must remain prepared to adapt. 

Every CS project is a long-term commitment. By integrating the Visa B2B Connect module into the banking system, CS undertakes the responsibility to ensure the module's proper functioning in new circumstances and to promptly respond to emerging regulatory standards. 

Ensuring Compliance of Visa B2B Connect Payments with Local Regulatory Standards 

Adherence to regulatory standards is a collaborative effort between banks functioning within specific market landscapes and their technological partners. In the context of Ukraine, as CS crafted the Visa B2B Connect module for integration into the CBS B2 system, our approach was driven by the imperative to adhere to all standard protocols in accordance with the demands of modern state legislation. 

Financial monitoring, integration with export-import contracts, and all other steps preceding international transactions are managed by a dedicated module. Only after these processes are completed, financial notifications are transmitted through the Visa API to the payment system for transaction execution. 

While working on the implementation of the Visa B2B Connect module beyond Ukraine's borders, CS has the capacity to tailor its functionality in accordance with the standards of local regulators. 

Prospects for the development of the Visa B2B Connect network

According to EY, financial transactions between small and large businesses worldwide account for 96% of all global cross-border transfers. The same study highlights that among the most influential trends in this segment in recent years, there is a demand for cost reduction in such payments, while expectations for simplicity and speed of processing are increasing. 

A number of significant advantages, such as a predictable pricing model for money transfers, convenient tracking of transactions, and transparent currency exchange within the payment system, all contribute to the interest of global banks in Visa B2B Connect and drive the rapid expansion of the network. 

CS is the first Ukrainian company to develop a corresponding module for integrating Visa B2B Connect within the country's banks, aligning with all governmental prerequisites concerning international transfers. Seamlessly working in conjunction with the CBS B2 that half of Ukraine's banks operate on, this module offers impeccable performance and adaptability to various other core banking systems. For clients beyond Ukraine's borders, the company offers the customization of the Visa B2B Connect module to meet local legislative environment. 

Swift integration, reduced development costs for personalized modules, and long-term support unequivocally underscore the advantages of CS's solution. 

For additional resources and personalized consultation regarding the implementation of the integration module for Visa B2B Connect, please send inquiries to the email address:  [email protected].