Visa launched a blockchain system for corporate payments B2B Connect

Payment giant Visa Inc has launched a corporate payment network B2B Connect based on the blockchain, reports Reuters .

The network was created to improve the efficiency of cross-border payments between financial institutions. In particular, B2B Connect implies fast and inexpensive payments without the involvement of intermediaries.

Currently B2B Connect serves 30 payment corridors, the number of which Visa plans to increase to 90 by the end of the year.

Thus, the new payment network is an alternative to the existing correspondent relations system, in which small credit institutions use the services of large intermediary banks. Such an approach is fraught with various difficulties in carrying out operations and adversely affects the speed of the latter.

“By creating a solution that facilitates direct transactions between banks, we eliminate the difficulties associated with key problem areas of the industry ,” said Kevin Falen, head of Visa Business Solutions.

Initially, B2B Connect used solutions based on distributed registry technology from the startup Chain. However, the Hyperledger Fabric technology from the Linux Foundation subsequently laid the foundation for the network. Also in the creation of solutions from Visa participated Bottomline, FIS and IBM, Visa.

Note that the work on B2B Connect has been going on for over two years . In 2017, a pilot version of this payment system was introduced.

Recall that in the spring of this year it became known that Visa is recruiting employees into a new department related to cryptocurrency.

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