Visa is aiming to make B2B payments simple

Visa Launches Blockchain Payments System B2B Connect

Visa Launches Blockchain Payments System B2B Connect

The network, called "Visa B2B Connect", is created to facilitate worldwide payments made by global financial institutions by enabling direct interbanking transactions between businesses and beneficiaries.

Visa said that along with using its own core assets, it has partnered with IBM Blockchain for Visa B2B Connect. The move is meant to help the payments giant diversify its business, which now heavily relies on card-based transactions.

IBM in March announced that its blockchain-based global payments network had been sent into limited production, with the company touting it as the "new financial rail" that has the capacity to clear and settle cross-border payments in near real-time. Having such a massive corporation participate in the blockchain industry guarantees better coverage and participation in crypto transactions as a whole.

The launch will cover more than 30 global trade corridors, with Visa saying the aim is to expand into as many as 90 markets by end of 2019. Financial institutions can also see payment fees upfront.

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Visa B2B Connect provides services to commercial enterprises. However, ultimately the company opted for Hyperledger Fabric, the open source distributed ledger developed by Linux Foundation. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world's new money and enterprise blockchain.

Visa has brought on a number of partners, such as IBM, in order to scale the B2B Connect network including Bottomline Technologies Inc.

This modern way of carrying out cross-border B2B payments will create a substantial added value for our corporate clients. Instead, Visa will count on its experience in complex payments, compliance, and cybersecurity. Banking institutions including Commerce Bank and Cornèr Bank participated in the platform's pilot program.

He also said that in practical terms, being "digital first" means that the transactions that flow across Visa B2B Connect use a digital identifier to pass payment instructions. This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure and transparent transactions globally.

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