Visa Inc., a widely known corporation facilitating worldwide electronic cash transfers, launched a blockchain-based business to business payment platform.
The platform is called B2B Connect and is designed for Visa’s corporate clients to increase the efficiency of global payments. As the network is blockchain-based, it provides clients with secure, cost-efficient and fast money transfers.
From the launch day, the network will work with 30 markets and 90 more will be added by the end of 2019.
“Creating a network for bank to bank transfers we eliminate many key problems in the international payment industry,” the head of Visa’s global business solutions announced.
He also added that the platform isn’t entirely based on blockchain, however, the technology does play a large part.
“We’ve used the data privacy, cybersecurity and the scale of Visa and benefited from new elements of blockchain,” Sam Hamilton, the senior vise president of data product development.
“This network can be a start for a new age in the sphere of international transfers.”
The Visa B2B Connect decreases the spent time by performing transactions directly from one bank to another.
Partners of the company such as Bottomline, Fidelity National Information Services and the International Business Machines Corporation are playing a large role as they will offer the B2B Connect services to their clients.
IBM also declared in March that its new international payment system based on blockchain is already being used by a limited number of people. This new system reportedly has payment messaging, clearing and settlement in the same location.