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Visa Launches Blockchain-Based Business Payments Service For Companies

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Visa has just launched a new B2B payments service platform that was previously announced in October 2016. With it, corporate clients will be able to process large payments in a fast and simple way. The information was released by Reuters a few hours ago.

VIsa Goes Live With A New Blockchain-Based Payments Service

The new payments service is going to be called Visa B2B Connect and it has been developed side by side with the blockchain firm Chain. The service will be available for those businesses seeking to make payments to 30 markets. At the same time, there are going to be 90 corridors opened by the end of 2019.

The service has been specifically designed for Visa’s corporate clients but in the future, it can be used by other financial companies such as banks.

Kevin Phalen, SVP, global head of Visa Business Solutions, was quoted as saying:

“By creating a solution that facilitates direct, bank to bank transactions, we are elimination friction associated with key industry pain points.”

At the same time, Pahlen went on explaining that the network is currently not fully based on a distributed ledger. Nevertheless, the technology has been used and embraced by many companies and even governments.

Chain has been working a lot on the new Visa B2B Connect project and in its early iterations. Visa has also contacted Hyperledger Fabric. The giant financial company has also invested $30 million in Chain in a funding round in 2015. Back in November 2017, the platform was launched as a pilot to test bank-to-bank connections.

There are several traditional financial companies that are working with distributed ledger technology (DLT) and virtual currencies. JP Morgan Chase, for example, announced that it has been working on a digital currency called JPM Coin and that it could be used for clients of the company.

Facebook, which is not a financial company, could soon release its own blockchain network and a virtual currency as well.

According to Forbes, Visa says that the company is entering a $125 trillion market that could use blockchain technology in the future. With these services, Visa will be offering a cheaper and faster way to send money abroad.

“Visa B2B Connect is focused on facilitating high-value B2B transactions of about $15,000 and up, which represents a roughly 10% chunk of the $125 trillion cross-border market,” Forbes reported.

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