Visa Launches New Blockchain Payments System To Compete With Other Companies

Visa Launches Blockchain Payments System B2B Connect

The company aims to use blockchain to promote faster, cheaper and more transparent payments.

Today, most cross-border transactions are carried out via the Society for Worldwide Interbank Financial Telecommunication, known as SWIFT - a Belgium-based organisation founded in 1973 that now has over 10,000 members among banks and other financial institutions.

The launch of the B2B Connect will cover over 30 global trade corridors, with the company planning to reach up to 90 markets by the end of this year. The information was released by Kevin Phalen, SVP, global head of Visa Business Solutions. Along with Visa's core assets, Visa B2B Connect utilizes open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM. By implementing the blockchain, Visa will facilitate instant transactions while also recording them on a ledger if needs be. This system has been recognized as flawed and inefficient, but the stubborn nature of bankers and governments meant that nothing would be done as long as the banks profit and help the economy grow.

Visa says B2B Connect's distributed ledger software facilitates direct bank connections.


Financial messaging service SWIFT in February also detailed a new proof of concept that will trial its gpi Link gateway that interlinks e-commerce and trading platforms with the SWIFT gpi, using R3's Corda distributed ledger technology (DLT).

Phalen explains that with this solution, financial institutions could see payment fees upfront and transactions will settle quicker, in one to two days. The platform is created to speed up the processing of global transactions.

Partners, including Bottomline, FIS and IBM are integral parts of the future scale of Visa B2B Connect. Bottomline and FIS are helping Visa B2B Connect get access to its participating bank clients. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world's new money and enterprise blockchain.

Visa is the world's leader in digital payments. Visa says Bottomline and FIS are now working with their respective bank clients to integrate Visa B2B Connect.

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