Visa launches DLT-based cross-border payments platform
13 Juin, 2019, 05:22 | Auteur: Auguste Feret
The new Visa B2B Connect network looks to streamline the billions of B2B payments made every day around the world, making it more straightforward to send and receive money.
Aimed at high value corporates, Visa says that its new system will be particularly useful for making cross border payments.
It is intended for Visa B2B Connect to remove friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank.
"The network's unique digital identity feature tokenises an organisation's sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network", the company said in a statement.
"Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world", said Kevin Phalen, SVP, global head of Visa Business Solutions. B2B Connect launch will cover more than 30 global trade corridors, with an aim to expand to as many as 90 markets by end of 2019.
Visa has inked deals with FIS and Bottomline Technologies to bring the platform to bank clients as it seeks to take on interbank funds transfer network Swift and other emerging challengers such as Ripple.
Visa first announced the B2B Connect project back in mid-2016 when it revealed it would be working with Chain, a blockchain technology company, to create a payments system.
The service has been created to help Visa's corporate clients sidestep the slow correspondent banking network, opening up near instant worldwide payments using a system in part powered by distributed ledger technology (DLT).
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