Visa is aiming to make B2B payments simple

Marco Green
June 13, 2019

Payment card giant Visa launched their long anticipated global digital identity system based on blockchain architecture, Visa B2B Connect today.

According to the company, the network allows financial institutions to quickly and securely process high-value corporate cross-border payments globally. Upon launch, it covers over 30 global trade corridors, with plans to expand to 90 markets by the end of the year. This will use tokens to give each transaction a unique digital identity, offering increased protection and streamlining existing pain points.

Initially Visa worked alongside startup Chain to create the new platform but eventually made a decision to use elements of Hyperledger Fabric, the Linux Foundation's open source distributed ledger.

Visa first announced the B2B Connect project back in mid-2016 when it revealed it would be working with Chain, a blockchain technology company, to create a payments system.

The network will enable direct bank-to-bank transactions from the bank of origin to the beneficiary, removing the need for intermediaries.

Visa said partners, including Bottomline, FIS, and IBM are integral parts of the future scale of Visa B2B Connect, with Bottomline and FIS bringing the Visa B2B Connect platform access to its participating bank clients.

"Bottomline is delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments", said Rob Eberle, president & CEO, Bottomline.

The service has been created to help Visa's corporate clients sidestep the slow correspondent banking network, opening up near instant worldwide payments using a system in part powered by distributed ledger technology (DLT).

Other reports by Click Lancashire

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