Today Visa announced its corporate blockchain payments platform
B2B connect is live. Initially, it covers more than 30 global trade corridors with plans for 90 by year’s end. By using Visa’s own network, it cuts out the need to use SWIFT and the correspondent banking network. The payments do not use Visa cards.
The solution will “accelerate the evolution of how commercial payments move around the world,” said Kevin Phalen, SVP, global head of Visa Business Solutions. “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”
A lot of cross border payment friction comes from compliance and getting bank details wrong. That’s compounded if there’s a need to add an intermediate bank. JP Morgan introduced its blockchain based
Interbank Information Network to address this issue as a first step.
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