PayTech

Visa Launches Distributed Ledger-based, non-card Cross-Border Payments Platform

Verifi

ADEWUMI OJO 

Visa has officially launched B2B Connect, its distributed ledger-based, non-card platform for high-value corporate, cross-border payments.

Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop its B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.

Now, the platform is live, covering more than 30 global trade corridors, with the goal of expanding into as many as 90 markets by the end of the year.

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Visa has inked deals with FIS and Bottomline 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.

Kevin Phalen, SVP, global head, Business Solutions, says: “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”