Visa blockchain-fueled business-to-business installments administration was first made open in October 2016, has authoritatively gone live.
According to the reports on Tuesday, the payments giant has launched its Visa B2B Connect network. This product was originally developed along with blockchain startup Chain.
According to the reports, Visa B2B Connect at launch will serve the businesses who are planning to make payments in the 30 markets, In addition to this, the network will be expanded and 90 more corridors will be covered by the end of 2019.
The service is designed with an aim to help Visa’s corporate clients and get rid of the slow correspondent banking network. With this, they will open up close moment global installments utilizing a framework to some degree controlled by circulated record innovation (DLT).
According to the statement given by the Kevin Phalen, SVP, global head of Visa Business Solutions “By creating a solution that facilitates direct bank to bank transactions, we are here to eliminate the friction associated with key industry pain points”.
He further said that the system isn’t completely founded on a circulated record, anyway, the innovation will be utilized for certain components as it permits greater installment data as compared to the traditional systems.
And while Chain, which builds blockchains to support financial systems, is playing a significant role in the development of Visa B2B Connect in its early iterations. Visa ultimately turned to Hyperledger Fabric for the DLT side of the system with the help from IBM. Visa has notably taken part in Chain’s $30m funding round happened in autumn of 2015.
Visa B2B Connect was first rolled out in a pilot phase for testing bank-to-bank connections in November 2017.