Magnetiq Bank , a Latvia-based institution focused on serving fintechs, startups, and ecommerce businesses, has adopted Visa B2B Connect. Visa B2B Connect is a multilateral network that leverages Visa’s extensive experience.

It aims to offer a reliable, secure, and cost-efficient way for financial institutions and their corporate clients to manage cross-border business payments. This solution provides banks with an alternative to the traditional correspondent banking system for facilitating international B2B payments. Ecommerce businesses and regular bank customers will benefit significantly, as they can now make international payments to business partners in various currencies, such as GBP and USD.

Officials from Magnetiq Bank, expressed excitement about partnering with Visa and being one of the early adopters of Visa B2B Connect in Europe. This accomplishment seeks to highlight the bank's commitment to offering innovative and efficient financial solutions for the ecommerce and fintech sectors. Moreover, this advancement is expected to broaden clients' options for international payments, helping to fuel business growth and boost competitiveness in the global market.

Officials from Visa B2B Connect added that Visa B2B Connect streamlines and accelerates transactions for banks and their clients, offering a more efficient, secure, and cost-effective way to transfer money globally. About Magnetiq Bank AS Magnetiq Bank is dedicated to meeting the unique needs of fintech, startups, and ecommerce service providers. It offers banking infrastructure, segregated accounts, and payment solutions to support businesses’ growth.

The bank's goal is to foster the development of the startup and ecommerce sector by leveraging innovative technologies and providing exceptional customer service. As a part of the Signet Bank group, the bank's sole shareholder is Signet Bank AS – an investment bank in Latvia, which is committed to financing local entrepreneurs and attracting investments for their businesses. .