Visa Partners with Chain to Improve Global B2B Payment Methods Using Blockchain Technology
SAN FRANCISCO, CA: Visa announces the launch of Visa B2B Connect, built on the blockchain technology of Chain- a technology company that partners with various organizations to build, deploy, and operate blockchain networks that enables financial products and services. Visa B2B Connect is a platform by Visa giving financial institutions a simple, fast and secure way to process B2B payments globally.
The platform provides a real-time transaction system that is bases on Chain Core, an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks. Visa B2B Connect, managed by Visa end-to-end, is designed for the exchange of high-value international payments between participating banks onbehalf of their corporate clients.
Visa aims to improve the international B2B payment methods by offering clear costs, improved delivery time and visibility into the transaction process. The process is predictable and transparent, offering banks and their corporate clients receive real-time notification and finality of payment. It reduces the investment and resources required by banks and their corporate clients to send and receive business payments. Also it’s signed and cryptographically linked, ensuring an immutable system of record and providing secure transactions. All parties in the Visa B2B Connect network are known participants within the private blockchain architecture that is operated by Visa.
"The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses," says Jim McCarthy, Executive Vice President, Innovation and Strategic Partnerships, Visa Inc. "We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world."