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Visa integrates Hyperledger Fabric into B2B Connect service

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The payment giant Visa integrates Hyperledger Fabric technology into the B2B Connect corporate payment service. This was reported in the press release of the company.

The service will allow companies to make large cross-border payments with maximum security and transparency of operations.

To speed up transactions and prevent fraud, B2B Connect tokens participant information, including account numbers and other sensitive data, with a unique identifier. The transborder corporate payments made in this way are processed by the sender's bank and transferred to the beneficiary's financial institution account.

IBM is confident that the B2B Connect platform is one of the most striking examples of a radical transformation of payment systems using the blockchain.

The commercial launch of the B2B Connect platform is scheduled for the first quarter of 2019.

Bottomline Technologies also announced a partnership with Visa. The latter is a provider of financial technologies that can facilitate users access to the B2B Connect platform.

Earlier, BlockchainJournal reported that the Hyperledger Project and the Enterprise Ethereum Alliance will create standards for enterprise distributed networks.

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