Visa sends blockchain-based B2B payments network live

Visa sends blockchain-based B2B payments network live

Visa sends blockchain-based B2B payments network live

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

Aimed at high value corporates, Visa says that its new system will be particularly useful for making cross border payments. Upon launch, it covers over 30 global trade corridors, with plans to expand to 90 markets by the end of the year.

Visa B2B Connect works using a digital identity feature.

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.

The two companies were looking to develop a network that could facilitate instant payments and, simultaneously, have a ledger that would record all of those transactions.

O.J. Simpson says ‘Life is fine’ 25 years after notorious homicides
Simpson reacts after learning he was granted parole at Lovelock Correctional Center in Lovelock, Nevada on July 20, 2017. Simpson is better known for his infamous murder trial in 1994 rather than his illustrious football and acting careers.

Visa's blockchain-powered business-to-business payments service, first made public in October 2016, has officially gone live.

"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.

Financial messaging service SWIFT in February also detailed a new proof of concept that will trial its gpi Link gateway that interlinks e-commerce and trading platforms with the SWIFT gpi, using R3's Corda distributed ledger technology (DLT).

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.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.