Global payments technology provider Visa has announced new product details surrounding digital identity in preparation for a Q1 2019 launch of Visa B2B Connect, its enterprise blockchain platform that enables cross-border payments between businesses.
“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 of Visa Business Solutions, in a statement. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking and more.”
As part of the B2B Connect platform, Visa is integrating open source Hyperledger Fabric framework from the Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable, permissioned network.
Hyperledger Fabric was first developed by IBM and New York-based industry startup Digital Asset as a blockchain framework and formally released its production-ready software, the Hyperledger Fabric 1.0, last year.
Jason Kelley, general manager at IBM Blockchain Services, is quoted as saying that the system represents one of the most “powerful examples to date of how blockchain is transforming payments.”
Fintech provider Bottomline Technologies is also partnering with Visa on the B2B Connect system, a partnership that will enable “mutual financial institution clients” to access the system.
“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 of Bottomline Technologies.
According to Visa’s website, B2B Connect was first previewed back in 2017, and counted the U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines, and the United Overseas Bank in Singapore as among the first partners processing pilot payments ahead of commercial launch.
Earlier this month, Hyperledger Project partnered with Enterprise Ethereum Alliance (EEA). The two organizations expect that the open-source, standards-based, cross-platform collaboration will contribute to accelerating mass adoption of blockchain technologies for business.
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