Visa announces B2B payment solution built on Chain’s blockchain

FinTech | October 26, 2016 By:

Visa announced that it will be rolling out Visa B2B Connect, a platform for banks to make payments and settle funds across borders using Chain Core, the blockchain infrastructure developed by Chain.

Visa B2B Connect seems to be an attempt by Visa and Chain to challenge SWIFT and its large messaging network as the predominant vehicle among banks to move large amounts of money around the globe for their business-oriented customers.

Visa is developing a new near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients. Managed by Visa end-to-end, Visa B2B Connect will facilitate a consistent process to manage settlement through Visa’s standard practices.

According to Chain CEO Adam Ludwin, the solution will be available to banks sometime next year — no pilot phase, no small-scale testing.