QIB and Visa partner to streamline cross-border B2B transfers

By Gloria Methri

Qatar Islamic Bank (QIB) has entered a strategic partnership with Visa to enable faster and more secure cross-border business-to-business (B2B) payments to over 120 countries. Through the integration of the Visa B2B Connect platform, QIB aims to streamline outbound international transfers for corporate clients.

Visa B2B Connect is a non-card-based payment network designed to facilitate direct, account-to-account international transfers. Its adoption by QIB will allow businesses in Qatar to conduct cross-border transactions with greater transparency, security, and efficiency, enhancing operational continuity in an increasingly interconnected global economy.

This collaboration marks a significant milestone for QIB, which becomes the first Islamic bank in Qatar to implement Visa B2B Connect, further expanding its suite of global payment capabilities.

“In today’s fast-paced business environment, it is essential for companies to have a banking partner that can ensure swift transactions,” said Tarek Fawzi, General Manager – Wholesale Banking Group at QIB. “Our partnership with Visa reinforces our commitment to providing businesses with efficient cross-border payment solutions. By leveraging cutting-edge technology and digital advancements, we are able to process account-to-account transfers promptly, helping businesses stay competitive and contributing to the broader economic landscape.”

The move aligns with QIB’s ongoing efforts to support trade across international corridors by offering reliable and cost-effective payment solutions tailored to the evolving needs of corporate clients.

Shashank Singh, Visa’s Vice President and General Manager for Qatar and Kuwait, also commented on the partnership, “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 sectors. So we are excited to partner with QIB in bringing Visa B2B Connect for the benefit of the local market as well as the wider Middle East region.”

With many businesses facing challenges in navigating the complexities of international payments, the introduction of Visa B2B Connect via QIB offers predictability and transparency, enabling more informed financial planning and strategic decision-making.