Visa rolls out blockchain B2B payments network
Written by Hannah McGrath
Visa is rolling out a blockchain-based cross-border payments network for business to business (B2B) customers.
The B2B Connect network will use IBM's distributed ledger technology (DLT) to help financial institutions process high-value corporate payments faster and more securely. The network aims to remove friction by facilitating transactions from the bank of origin directly to the beneficiary bank.
It uses a unique digital identity feature to tokenise 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 Visa 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.
Kevin Phalen, global head of Visa Business Solutions, said: “Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world.”
Marie Wieck, general manager at IBM Blockchain, said: "This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure and transparent transactions globally."