The largest operator of banking cards Visa launched a payment service for corporate clients on the basis of blockchain, which for the first time was announced in October 2016.
As BitcoinDoubler2x found out, that the payment giant run Visa B2B Connect network – the product, which was initially being developed together with blockchain start-up Chain. Interesting, that Visa B2B Connect will serve institutions, making payments on 30 markets, and by the end of 2019 it`s expected service distribution on 90 markets.
The service was developed with an aim to assist Visa corporate clients to get around the system of correspondent banking relations. In other words, it made possible almost instant international payments, using the system, partly based on the distributed registry technology (DLT).
Advantages of Blockchain Choice
“Creating a decision, which will facilitate direct transactions among banks, we remove difficulties, connected with key issues of the field”, – the first deputy director and global manager of Visa Business Solutions Kevin Phalen told in his statement.
Phalen has said, that the network is not completely based on the distributed registry technology. However, it has been applied for several elements, because blockchain allows receiving more information about payments, than traditional systems do.
Although Chain, which creates blokchains for financial systems supporting, has played an important part in Visa B2B Connect development on its early stages, in the conclusion, Visa appealed to Hyperledger Fabric for provision of the component system by the blockchain with the support of IBM. Wherein, Visa participated in the round of Chain financing, investing in the company $30 million in Autumn 2015.
Visa launched the pilot version of blockchain payment platform B2B Connect in Autumn 2017.