Visa Launches International B2B Payment Solution Built on Chain’s Blockchain Technology

Visa Launches International B2B Payment Solution Built on Chain’s Blockchain Technology
21.10.2016 12:00 pm

Visa Launches International B2B Payment Solution Built on Chain’s Blockchain Technology

Payments , Infrastructure

Visa Inc. today announced a preview of Visa B2B Connect, a new platform that Visa is developing to give financial institutions a simple, fast and secure way to process business-to-business payments globally.

Visa is working with Chain to build Visa B2B Connect using Chain Core, an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks. Building on this technology, Visa is developing a new near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients. Managed by Visa end-to-end, Visa B2B Connect will facilitate a consistent process to manage settlement through Visa’s standard practices.

With Visa B2B Connect, Visa aims to significantly improve the way international B2B payments are made today by offering clear costs, improved delivery time and visibility into the transaction process – ultimately reducing the investment and resources required by banks and their corporate clients to send and receive business payments.

Visa B2B Connect, which Visa plans to pilot in 2017, is designed to improve B2B payments by providing a system that is:

  • Predictable and transparent: Banks and their corporate clients receive near real-time notification and finality of payment
  • Secure: Signed and cryptographically linked transactions are designed to ensure an immutable system of record
  • Trusted: All parties in the network are known participants on a permissioned private blockchain architecture that is operated by Visa

“The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa Inc. “We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world.”

“This is an exciting milestone in our partnership with Visa,” said Adam Ludwin, chief executive officer of Chain. “We are privileged to support Visa’s efforts to enhance the service it provides to its clients and shape the future of international commerce with this blockchain-enabled innovation – streamlining business payments among financial institutions and their customers around the world.”

Related News

Starling, TranSwap and Remitr among first wave to sign up to Currencycloud Spark

New solution provides global multi-currency accounts to Fintechs and FIs

Read more »

Tinkoff launches charitable scheme ‘Cashback to Give Back’

Tinkoff is happy to announce the launch of its new charitable scheme Cashback to Give Back. The aim of the project is to help get... Read more »

PPRO announces 85% volume growth despite pandemic, accelerates plans with new investment from Sprints and Citi

PPRO, the world’s leading local payments platform-as-a-service, reports today an 85% increase in transaction volume from last year, highlighting the... Read more »

Absa ARO Completes Fully Virtual Implementation as It Moves to Fiserv for Card Management and Processing Across Nine African Nations

Fiserv, Inc. (NASDAQ: FISV) a leading global provider of payments and financial services technology, today announced that... Read more »

Mastercard rolls out new business intelligence platform for European banks

Mastercard today announced the launch of Market Trends, an interactive platform providing a comprehensive view of payments insights, competitive intelligence... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel