Visa Launches Blockchain Payments System B2B Connect
- The payments giant is hoping to work with corporates and breaking into the inter-bank market
Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term giant Visa announced the launch of its blockchain payments system B2B Connect this Tuesday.
“Launching Visa B2B Connect marks an important industry milestone which 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.”
Visa first announced the B2B Connect project back in mid-2016 when it revealed it would be working with Chain, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology company, to create a payments system.
The two companies were looking to develop a network that could facilitate instant payments and, simultaneously, have a ledger that would record all of those transactions.
B2B Connect appears to be just that.
Aimed at high-value corporates, Visa says that its new system will be particularly useful for making cross border payments.
Hit the corporates, then the banks
Currently, the new payments system is operational in 30 different markets. Visa says that it plans to expand into 90 jurisdictions by the end of this year.
And though it may be targeting corporates at the moment, Visa clearly has plans to expand into the banking market.
The payments company has already signed deals with financial services giant FIS and Bottomline Technologies so that it can enter the SWIFT-dominated inter-bank payments market.
“Bottomline is delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments,” said Rob Eberle, president & CEO, Bottomline.
“Our ability to provide our mutual financial institution clients globally with access to Visa B2B Connect will help these banks to continue to deliver differentiated payment capabilities to their corporate customers.”
Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term giant Visa announced the launch of its blockchain payments system B2B Connect this Tuesday.
“Launching Visa B2B Connect marks an important industry milestone which 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.”
Visa first announced the B2B Connect project back in mid-2016 when it revealed it would be working with Chain, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology company, to create a payments system.
The two companies were looking to develop a network that could facilitate instant payments and, simultaneously, have a ledger that would record all of those transactions.
B2B Connect appears to be just that.
Aimed at high-value corporates, Visa says that its new system will be particularly useful for making cross border payments.
Hit the corporates, then the banks
Currently, the new payments system is operational in 30 different markets. Visa says that it plans to expand into 90 jurisdictions by the end of this year.
And though it may be targeting corporates at the moment, Visa clearly has plans to expand into the banking market.
The payments company has already signed deals with financial services giant FIS and Bottomline Technologies so that it can enter the SWIFT-dominated inter-bank payments market.
“Bottomline is delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments,” said Rob Eberle, president & CEO, Bottomline.
“Our ability to provide our mutual financial institution clients globally with access to Visa B2B Connect will help these banks to continue to deliver differentiated payment capabilities to their corporate customers.”