Visa Inc. has launched B2B Connect, a new platform for financial institutions to perform cross—border payments that are streamlined, transparent and secure. Visa B2B is an online non-card based payment platform that enables bank-to-bank transactions. The participating banks can process direct one-to-many global transactions at a lower operational cost.
The B2B Connect Network is built on distributed ledger blockchain technology to speed up payment transactions. Visa is entering the cross-border payment market, valued at $125 trillion. They hope to proffer solutions to cross-border payments which usually takes longer time to reach the final destination. The transactions are costly and tracking the progress is also difficult.
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This time around, the banks will be issued unique digital tokenized identities to secure sensitive business data such as banking details and account numbers. Visa aims to reduced fraudulent activities this way. Visa intends to use blockchain-based architecture to transform B2B transactions by facilitating secure and transparent transactions across the globe.
Visa is a financial technology which serves over 15500 financial institutions and facilitates transactions across 20 countries. The B2B Connect was built with Hyperledger Fabric open source framework from the Linux Foundation and in partnership with IBM, FIS and Bottomline. Visa’s B2B Connect has been launched in 30 countries and is expected to expand to 90 markets by the end of the year.