Visa is readying its distributed ledger platform for business payments, with plans to launch the new system next year.
Visa B2B Connect is designed to give financial institutions a simple, fast and secure way to process cross border business-to-business payments globally.
“With B2B Connect, we’re developing a new way for businesses to make cross border, high value payments – fixing broken processes and breaking down geographic barriers along the way,” said Kevin Phalen, global head, Visa Business Solutions, Visa. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking and more.”
The platform’s digital identity feature tokenises an organisation’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the platform.
Phalen added: “B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem.”
n preparation for the commercial launch next year, Visa is expanding partnerships to add additional functionality to the B2B Connect platform.
Visa said it is integrating open source Hyperledger Fabric framework from the Linux Foundation with Visa’s core assets to help provide an improved process to facilitate financial transactions on scalable, permissioned network.
Bottomline Technologies, a leading provider of financial technology that helps make complex business payments simple, smart and secure, is working with Visa to be the first partner to integrate its solution with B2B Connect.
With the integration, Bottomline’s financial institutions who participate in B2B Connect can gain easy access to the B2B Connect platform, without requiring complex technology updates.
“Bottomline serves 1,200 financial institutions globally, and they are always looking to us to provide them with value-add innovations that simplify processes and increase efficiencies,” said Rob Eberle, President & CEO, Bottomline Technologies. ”We’re thrilled to work with Visa on this integration to enable our mutual financial institution clients to easily access the B2B Connect platform.”
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