Visa To Launch Blockchain Payments Platform B2B Connect In Q1 2019br>
Payments giant Visa has announced that its blockchain-based platform – Visa B2B Connect – will be launched in the first quarter of 2019.
First announced in October 2016, Visa B2B Connect is a platform for banks to make payments and settle funds across borders using Chain Core, the blockchain infrastructure developed by Chain. It aims to significantly improve the way international B2B payments are made by offering clear costs, improved delivery time and visibility into the transaction process. Its digital identity feature tokenizes an organization’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the platform.
“With B2B Connect, we’re developing a new way for businesses to make cross border, high value payments – fixing broken processes and breaking down geographic barriers along the way,” said Kevin Phalen, global head, Visa Business Solutions, Visa. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking and more.”
Earlier this year, Visa reported that it was testing B2B Connect with several banks, including Thailand’s Kasikornbank, Commerce Bank in the US, South Korea’s Shinhan Bank, Union Bank of the Philippines, and United Overseas Bank in Singapore.
In preparation for the commercial launch next year, Visa partnered with tech giant IBM and FinTech firm Bottomline Technologies to add additional functionality to the B2B Connect platform. Linux Foundation’s Hyperledger Fabric framework will be integrated to the B2B Connect platform to provide an improved process to facilitate financial transactions on a scalable, permissioned network. Visa’s partnership with IBM will enable their mutual financial institutional clients and ecosystem to maximize the network.
“When industry leaders in payments and in financial services technology work together using open source technology, the entire business landscape stands to benefit,” said Jason Kelley, general manager, IBM Blockchain Services. “IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments.”
Bottomline, which provides financial technology that helps make complex business payments simple, smart and secure, is working with Visa to be the first partner to integrate its solution with B2B Connect.
“Bottomline serves 1,200 financial institutions globally, and they are always looking to us to provide them with value-add innovations that simplify processes and increase efficiencies,” said Rob Eberle, President and CEO of Bottomline Technologies. ”We’re thrilled to work with Visa on this integration to enable our mutual financial institution clients to easily access the B2B Connect platform.”