Visa Looking to Launch Blockchain Solution for B2B Cross-Border Payments
In a bid to make it easier for financial institutions to send cross-border payments globally, in a fast, secure and cost-efficient way, Visa is joining forces with IBM and Bottomline Technologies to launch its B2B Connect distributed ledger technology (DLT) solution powered by Linux Foundation’s Hyperledger Fabric framework by the first quarter of 2019, reported Finextra on October 22, 2018.
Visa Set to do More With Blockchain Technology
Per sources close to the matter, global payments technology company, Visa is partnering with IBM and Bottomline Technologies to launch its blockchain solution for business-to-business (B2B) cross-border payments.
According to Finextra, Visa’s B2B Connect DLT solution, which is scheduled for launch in the first quarter of 2019, will make it easy for financial institutions across the globe to process cross-border payments in a simple, super fast and secure way.
The system will also support a digital identity feature that will make it easy for the sensitive business information of organizations including account numbers and other banking details to be tokenized, providing them with a unique identifier that can be used to carry out transactions on the system.
Kevin Phalen, global head, Visa Business Solutions, reiterated that B2B Connect would change the way a vast array of businesses including those in the supply chain, trade, institutional banking, and other sectors make high-value cross-border transactions.
Phalen also noted that while its possible for rogue actors to compromise existing medium of payments such as checks, ACH and even wire transfers, B2B Connect’s digital identity makes it impossible for criminals to perpetrate fraud, “while also helping companies remain compliant as part of the regulated financial ecosystem.”
Visa’s Not Walking Alone
As reported by BTCManager in October 2016, the global credit card giant first announced the development of its Visa B2B Connect DLT solution at the time, in collaboration with Chain blockchain project.
Fast forward to 2018 and the Visa has formed strategic alliances with other heavyweights in the blockchain industry, including IBM, Bottomline Technologies and Linux Foundation to make its DLT integration hugely successful.
Visa has reportedly made it clear that its B2B Connect DLT solution will now run on Linux’s Hyperledger Fabric framework to provide an improved process of handling financial transactions on a scalable, permissioned network.