Isbank and Visa join forces for a groundbreaking development in international money transfer

​Isbank is the first bank in Turkey to complete an international money transfer transaction via the Visa B2B system.

Visa’s innovative B2B Connect system allows Isbank’s commercial customers to transfer money to a bank account in any part of the world, regardless of whether the receiving bank is a member of the system. Thanks to the global network of Visa, the platform makes it possible for commercial customers to rapidly transfer money in EUR or USD at low costs. Moreover, B2B Connect offers dual predictability, which immediately renders transfer time as well as transaction cost transparent.

Isbank Deputy CEO Şahismail Şimşek issued a statement on the groundbreaking development. “Our bank acts on a mission to offer innovative and value-added solutions to customers in every single field. We have money transfer services for retail customers in line with their needs and we have added this new service for our commercial customers. Thanks to Visa B2B Connect, commercial customers can perform import transfers to a bank account in any part of the world. We believe that this solution will offer our customers the advantage of predictability in terms of time and cost. We are further pleased that our bank is not only the first bank in Turkey to use this system but also among the first banks to do so globally.”

Visa Turkey CEO Merve Tezel also commented on the development. “The simplification and modernization of international payments is an important need for companies doing business internationally. Visa B2B Connect not only employs blockchain technology and allows payments to be made securely but also eliminates the difficulty in tracking payments posed by conventional international money transfer methods as well as high costs. Launched in the Turkish market for the first time in cooperation with Isbank, I believe Visa B2B Connect will open a new page in terms of money transfer by commercial businesses thanks to its innovative technology. I congratulate everyone that has put an effort in making this innovation real.”