After almost three years since it was announced, Visa finally launched its blockchain-powered payment service called Visa Business to Business Connect. Read it in following article, from CoinDesk.com:
Visa’s blockchain-powered business-to-business payments service, first published in October 2016, has formally gone live.
Reported by Reuters on Tuesday, the instalments giant has launched its Visa Business to business Connect network – something that was initially developed alongside blockchain startup Chain.
Visa Business to business Connect at launch assists companies trying to make payments to 30 markets, based on the report, with 90 more corridors.
The service continues to be made to help Visa’s corporate clients sidestep the slow correspondent banking network, opening immediate worldwide payments utilizing a system partly operated by distributed ledger technology (DLT).
“By developing a solution that facilitates direct, bank to bank transactions, we’re eliminating friction connected with key industry discomfort points,” Kevin Phalen, SVP, global mind of Visa Business Solutions, was quoted as saying inside a statement.
Phalen told Reuters the network isn’t fully with different distributed ledger, nevertheless the technology has been utilized for many elements because it enables more payment information than traditional systems.
Even though Chain, which builds blockchains to aid economic climates, had performed a significant part in the introduction of Visa Business to business Connect in the early iterations, Visa ultimately switched to Hyperledger Fabric for that DLT side from the system with the help of IBM. Visa particularly required part in Chain’s $30m funding round in the fall of 2015.
Visa Business to business Connect was initially folded in an pilot phase to check bank-to-bank connections in November 2017.Read more here