Yesterday during Visa’s first-quarter earnings call, CEO Al Kelly spoke about its blockchain-based Visa B2B Connect solution and outlined its digital currency strategy.
The news is that Goldman Sachs has signed on to use Visa B2B Connect, which links with 80 markets. Visa B2B Connect is a corporate payment solution for cross border payments intended to sidestep SWIFT and correspondent banking by using the Visa network instead. It targets high-value payments that aren’t instant but settle within one to two days, subject to AML procedures. The solution incorporates a digital identity token that includes banking information. FIS has integrated with the network.
Kelly spoke about digital currencies, which he separated into two buckets, cryptocurrencies versus payment tokens such as stablecoins and central bank digital currencies (CBDC). He doesn’t see cryptocurrencies as being used for payments, but instead, Visa provides its cards to be used as on and off ramps for investments and claims to have a significant penetration here.
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