Since 2016,
Visa has been working on its distributed ledger platform for business payments called Visa B2B Connect. It plans to launch the system next year. Visa has just announced a new partnership with IBM to integrate Hyperledger Fabric. The card company has been working on the project with blockchain firm Chain.com which was recently
acquired by Interstellar, a for-profit business set up to promote Stellar. In turn, Stellar has a relationship with IBM.
Visa was also an investor in Chain prior to its sale. Neither Chain nor Interstellar was mentioned in the announcement. A Visa spokesperson responded to Ledger Insight’s inquiries about Chain’s continued involvement: “We are no longer using Chain’s technology. As part of the B2B Connect platform, Visa is integrating open source Hyperledger Fabric framework from Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable, permissioned network.”
The B2B Connect system aims to offer an alternative to the correspondent banking system. Instead, payments are remitted between banks across the Visa network. They envisage using the new system for payments in verticals such as supply chain, trade, and institutional banking.
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