Friday 24th November, 2017
Visa has launched the first pilot phase of B2B Connect, its blockchain-based business-to-business payments service.
The service was announced in 2016 and was developed with the assistance of blockchain startup Chain. The platform aims to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. Furthermore, it is also designed to ensure secure, yet transparent payments between enterprises.
Already working with Visa on the project are US-based Commerce Bank, South Korea's Shinhan Bank, the Union Bank of Philippines and the United Overseas Bank, based in Singapore. At the moment, the banks are trailing live bank-to-bank transactions over the platform.
Following this first phase of the project, phase two will see the project move to a commercial launch, slated to occur in the middle of 2018. Visa's existing partners, as well as future ones, can utilize the company's application programming interface (API) to create their own platforms, according to a press release.