Visa's new platform for cross-border payment is powered by blockchain

Visa Launches Blockchain Payments System B2B Connect

The company announced on Tuesday the commercial launch of Visa B2B Connect network, giving financial institutions the ability to quickly and securely process high-value corporate cross-border payments globally.

United States' payment giant Visa has launched a cross-border payment network derived from some aspects of blockchain technology, Reuters reports June 11.

However, unlike cryptocurrency-based blockchains, Visa's B2B Connect isn't decentralized.

According to an announcement from Visa, the technology relies on blockchain due to its superior capacity for handling transactions at scale, far beyond the functionality offered by any other payment technology. Having such a massive corporation participate in the blockchain industry guarantees better coverage and participation in crypto transactions as a whole. The network is reported to have launched with as many as 30 global payment markets established, with plans to roll out to a total 90 markets by the end of this year.

Judging from the number, it's safe to say that if you're reading this, you're probably getting the platform, if they introduce a retail version that is.

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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).

Visa B2B Connect provides services to commercial enterprises. The benefits of the ledger mean that financial institutions can see payment fees upfront and transactions are settled quicker, in as little as one to two days. The platform is created to speed up the processing of worldwide transactions.

The network was built in partnership with Bottomline, FIS and IBM, Visa said. Visa worked with the likes of IBM and Chain to build the network but ultimately used Hyperledger Fabric instead.

"Bottomline and FIS are bringing Visa B2B Connect platform access to its participating bank clients".

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. Instead, Visa will count on its experience in complex payments, compliance, and cybersecurity.

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