End of XRP? Visa Launched B2B Payment Network Powered by Hyperledger Fabric
Henry Chan Jun 12, 2019 16:00
Visa has launched a network called “Visa B2B Connect” which aims to facilitate cross-border transactions among financial institutions, Reuters reported on 11 June.
Visa has launched a network called “Visa B2B Connect” which aims to facilitate cross-border transactions among financial institutions, Reuters reported on 11 June.
The purpose of Visa B2B Connect is to simplify international payments by enabling a direct transaction between the bank and the beneficiary bank. This network is expected to expand to 90 markets by 2019 and is currently covering 30 trade corridors in the world.
It is reported that Visa was working with the blockchain startup – Chain at first, but then Visa decided to include certain elements of Hyperledger Fabric. The elements involve the capability to transfer more information on a payment than the original system.
Kevin Phalen, SVP, Global head of Visa Business Solutions said “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points.”
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