The major payment corporation, Visa Inc. has come up with its Visa B2B Connect network. It is a blockchain-powered network to globally operate corporate cross-border payments. The network has already covered 30 global markets and intends to extend it to 90 by this year. The news comes from Reuters.
Visa B2B Connect will make the payment process more efficient and cost-effective for the clients. It will allow businesses to carry out transactions directly from their banks to the receiver banks. This network is a substitute where an intermediary bank is used for international transactions. It is a distributed ledger technology (DLT) based network.
The firm partnered with IBM, FIS, and Bottomline for this launch. At first, the firm was working with blockchain startup Chain to develop this new network. Later it decided to use the distributed ledger in the network.
Kevin Phalen, the global head of Visa Business Solutions says that this network is a solution to business transaction problems. It will help the industries to make efficient international payments. Recently, Visa partnered with LINE Pay to develop new innovative solutions for global payments, fund transfer platforms, and blockchain-based projects. The users Of LINE will be able to use the app’s payment features at Visa’s 54 million merchant locations worldwide.