Visa Goes Live With Blockchain-Powered Business Payments Service

Crypto Blockchain

Crypto Blockchain

Aimed at high value corporates, Visa says that its new system will be particularly useful for making cross border payments.

Visa B2B Connect will initially cover more than 30 global trade corridors at launch, and aims to expand to as many as 90 markets by the end of 2019. This will use tokens to give each transaction a unique digital identity, offering increased protection and streamlining existing pain points. The company touted the use of blockchain will provide "improved process to facilitate financial transactions on a scalable, permissioned network".

Phalen told Reuters that the network is not fully based on a distributed ledger, however the technology has been used for some elements as it allows more payment information than traditional systems.

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

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

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

Visa has inked deals with FIS and Bottomline Technologies to bring the platform to bank clients as it seeks to take on interbank funds transfer network Swift and other emerging challengers such as Ripple.

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.

IBM Blockchain World Wire, Big Blue claims, is the first blockchain-based network that integrates payment messaging, clearing, and settlement on a single network.

At the time, Visa said it planned to use BTL's interbank settlement platform Interbit to see whether blockchain can reduce costs, settlement times, and credit risks associated with worldwide transfers between banks.

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