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The US payments giant, Visa, launched on June 11 a cross-border payment network based on certain aspects of blockchain technology.
The network, called "Visa B2B Connect", is designed to facilitate international payments made by global financial institutions by enabling direct interbank transactions between companies and beneficiaries.
According to the report, the network already covers 30 commercial channels worldwide to enable faster and cheaper cross-border payments, and is expected to expand to 90 markets by the end of 2019.
B2B Connect Visa relies in part on blockchain technology, which contains elements of Hyperledger, the Open Source Distributed Ledger (DLT) technology developed by a group led by the Linux Foundation, the report says.
Specifically, certain aspects of blockchain technology would have been used because of its ability to transfer more data on a payment than any existing payment system, said Kevin Phalen, Global Head of Visa Business Solutions.
This new network is the result of collaboration with the global technology giant IBM, as well as with the electronic payment operator Bottomline Technologies and the FIS financial technology company. In order to develop the product, Visa would initially work with the cryptographic ledger system development chain.
Recently, Visa is also associated with the operator fintech of the Japanese mail application LINE – LINE Pay Corporation – in order to develop new blockchain and digital payment solutions.
Earlier this year, the launch of the DataLight software released a report claiming that Bitcoin (BTC) could replace global payment systems such as Visa and MasterCard within ten years.
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