Visa launches Blockchain platform B2B Connect

The internationally active American credit card company Visa has initiated the test phase of its Blockchain-based payment service B2B Connect. The platform aims to make direct payments between individual companies more efficient, safer and more transparent.

A little over a year ago, Visa had already set its sights firmly on the launch of its platform, and now it's time. As announced, this week's showcased Visa B2B Connect, a blockchain-based platform. It was designed to provide companies in the financial industry with a secure, fast and predictable way to conduct cross-border payments among themselves. In order to realize this, Visa has partnered with financial institutions around the world to work on translating that vision into a resilient platform, as stated in Visa's announcement.

The US Commerce Bank, South Korea's Shinhan Bank, the Union Bank of the Philippines and Singapore's United Overseas Bank are working on this pilot project. The plan is to have the network first carry out individual transactions between the participants before the payment transaction is subsequently extended. After the successful test run, the platform will become public in mid-2018.

In the construction of the platform, Visa was also supported by the blockchain start-up chain, which provided the technological expertise to implement the project. Visa announces that it will break up the cumbersome and lengthy transfers across national borders. With the B2B Connect technology based on blockchain, the way is open to simplify these processes.

With the activation of its B2B Blockchain platform Visa sets an exclamation point in the adaptation of blockchain technology. As early as last month, Visa's major competitor MasterCard had unveiled its own version of Blockchain B2B transactions.