Abu Dhabi – Mubasher: Visa teamed up with First Abu Dhabi Bank (FAB) to expand the Visa B2B Connect network in the region, according to a press release.

The collaboration aims to boost corporate cross-border payments, allowing businesses in the UAE to conduct secure and efficient transactions worldwide.

Visa B2B Connect is a non-card-based multilateral platform developed to offer predictable, secure, and cost-effective cross-border payments for financial institutions and their corporate clients.    

By leveraging Visa’s technology, FAB plans to improve its payment offerings and reinforce its position as a leading provider of transaction banking services in the region.

The partnership backs FAB and Visa’s global connectivity while deploying their combined capabilities to offer innovative solutions for clients.

The collaboration will accelerate digital transformation, anchoring the UAE in its global integration of businesses.

Vishal Virmani, Head of Visa B2B Connect CEMEA at Visa, commented: “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.”

In the first quarter (Q1) of 2024, FAB posted 6% year-on-year (YoY) higher net profits at AED 4.15 billion, compared to AED 3.92 billion.