Crypto

Visa enters $ 125 trillion market with new Blockchain product


US payment giant Visa has built a cross-border payment network based on Blockchain technology, according to Reuters

The network, called B2B Visa B2B Connect,, is faster and lower on behalf of corporate clients of financial institutions globally.

In the normal system, there was a third intermediary bank as well as the sender and receiver bank for cross-border payments. B2B Connect will allow direct transactions from the sending bank to the receiving bank.

The news, on the other hand, states that the network already has more than 30 trade corridors around the world and that this number will be increased to 90 by the end of the year.

Visa B2B Connect is based in part on Blockchain technology. The network uses Hyperledger, an open-source distributed notebook technology developed by a group led by the Linux Foundation.

Kevin Phalen, a senior official at Visa, said, geliştir We have eliminated one of the industry's major challenges by developing a solution that enables direct transactions from bank to bank. ”

Source: Visa

The company collaborated with Bottomline, FIS and IBM on the launch of B2B Connect. In addition, Commerce Bank and Cornèr Bank tested this new product in their pilot program.

Brian Gordon, a senior official at Commerce Bank, who tested B2B Connect, made the following statement:

We're excited to see how cross-border payments can change the way they increase speed and transparency for businesses around the world. ”

Visa Kelly Connect was first announced in October 2018, and the company's CEO, Al Kelly He didn't see it as a threat, he added, orsa If we need to get into that area, we'll go in. 19

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