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Visa launches the first phase of B2B payments based on blockchain

Global giant of credit cards - Visa has launched the first pilot phase of its payment service for business, based on blockchain, B2B Connect.

17.Nov.17 2:55 PM
By Daria Zaytseva


Visa launches the first phase of B2B payments based on blockchain

First announced last year, Visa plans to use the platform to facilitate cross-border payments, facilitating direct payments between institutions, cutting out the intermediary currently reliant on the industry. The platform, developed with the assistance of blockchain startup Chain, is also designed to provide secure but transparent payments between enterprises.

Already working with Visa on the project, there are a commercial bank of the USA, Shinhan Bank from South Korea, Union Bank of Philippines and United Overseas Bank, based in Singapore, which conduct trial bank-to-bank transactions on the platform.

Following this first phase of the project, the second phase will allow the commercial launch of the project, scheduled for mid-2018.

According to the press release, existing Visa partners, as well as future ones, can use the application programming interface (API) to create their own platforms.

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