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Visa's blockchain business-to-business payment service, which was released in October 2016, is officially operational.
As reported by Reuters on Tuesday, the payments giant has launched its Visa B2B Connect network, a product initially developed alongside the blockchain starter chain.
At launch, Visa B2B Connect will serve businesses seeking to make payments in 30 markets, according to the report, with 90 more corridors to be covered by the end of 2019.
The service was designed to help Visa's business customers bypass the slow banking network by opening up near-instant international payments using a system powered in part by distributed ledger technology (DLT).
"By creating a solution that facilitates direct bank-to-bank transactions, we are eliminating critical point-of-industry frictions," said Kevin Phalen, Executive Vice President, Global Head of Visa Business Solutions. communicated.
Mr. Phalen told Reuters that the network was not entirely based on a large distributed book. However, technology has been used for some elements because it allows more payment information than traditional systems.
And while Chain, which builds blockchains to support financial systems, had played a major role in the development of Visa B2B Connect in its early days, Visa turned to Hyperledger Fabric for the DLT side of the system. with the help of IBM. Visa participated in the $ 30 million tour of the channel in the fall of 2015.
Visa B2B Connect was launched for the first time in a pilot phase to test bank-to-bank connections in November 2017.
Image Visa via Shutterstock
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