Visa’s B2B Connect payment platform aims to create a seamless environment for cross-border transactions.
Visa today launched its blockchain payment platform B2B Connect, in an attempt to create seamless bank-to-bank, cross-border business transactions.
Initially launching to 30 trade global corridors–information, products, or services that travel through communities geographically–Visa is hoping to expand this to 90 by the end of the year. Visa hopes the new network will remove key industry pain points and improve how payments are moved around the world.
The credit card company has partnered with IBM and is using the Hyperledger Fabric framework from the Linux Foundation.
“With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data,” said Keven Phalen, senior vice president of global head of Visa Business Solutions.
The network relies on a unique, digital-identity feature to conduct transactions on the network that tokenizes an organization’s sensitive business information and account numbers. By doing so, it removes the time spent on cross-border corporate transactions.
Pilot participants to the network include Commerce Bank and Cornèr Bank. Visa also announced in April that FIS, a Florida-based financial services company was a partner in the project.
“This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure and transparent transactions globally,” said Marie Wieck, general manager of IBM Blockchain.