Visa Launches Long-awaited Blockchain Product for Business Clients

Cornelia Mascio
Июня 13, 2019

The new Visa B2B Connect network looks to streamline the billions of B2B payments made every day around the world, making it more straightforward to send and receive money. Upon launch, it covers over 30 global trade corridors, with plans to expand to 90 markets by the end of the year.

Visa said that along with using its own core assets, it has partnered with IBM Blockchain for Visa B2B Connect.

It's worth noting, however, that the network is not actually a blockchain, although some elements of the technology have been used because they allow network participants to transfer more information on a payment than existing alternatives, Phalen told Reuters.

"This lays the foundation for a service with the potential to transform cross-border payments".

According to the company, B2B Connect will facilitate transactions from the bank of origin directly to the beneficiary bank.

The world of B2B payments could be about to get a lot simpler for businesses of all sizes thanks to a new release from Visa.

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

Gpi Link, SWIFT explained, will connect gpi members to multiple trade platforms to enable gpi payment initiation, tracking, payer authentication, and credit confirmation.

Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.

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