Saturday, 15 June, 2019

Visa Goes Live With Blockchain-Powered Business Payments Service

Visa Launches Blockchain Payments System B2B Connect Visa Launches Long-awaited Blockchain Product for Business Clients
Jean Garcia | 13 June, 2019, 19:28

Phalen added that he created the Visa B2B Connect using distributed ledger technology, because it would provide more transparency and traceability, compared to a state-of-the-art database. Visa's product isn't decentralized, since the payments giant has complete control over it. Having such a massive corporation participate in the blockchain industry guarantees better coverage and participation in crypto transactions as a whole.

Being launched globally today, the new payment platform will be 30 trade corridors initially, with Visa noting that it plans to make it available in up to 90 different countries by the end of 2019.

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. Financial institutions can see payment fees upfront.

In a statement, Kevin Phalen, senior vice president and global head of Visa Business Solutions, said the product release marked an "important industry milestone".

It's exciting to see the hard work of the combined teams come together for the commercial launch of Visa B2B Connect.

United Kingdom signs extradition order for Assange, decision now with courts
He had sought refuge in the Ecuadorian Embassy in 2012 when Sweden was trying to question him about sexual misconduct allegations. The allegations he faces in the U.S. include computer misuse and the unauthorized disclosure of national defence information.

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.

Partners, including Bottomline, FIS and IBM are integral parts of the future scale of Visa B2B Connect. Bottomline and FIS in particular are said to be bringing the platform to its participating bank clients.

The IBM Blockchain Platform is built on top of Hyperledger Fabric, an open source blockchain project from the Linux Foundation. Instead, Visa will count on its experience in complex payments, compliance, and cybersecurity.

He also said that in practical terms, being "digital first" means that the transactions that flow across Visa B2B Connect use a digital identifier to pass payment instructions. "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, IBM Blockchain.

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