Payment giant Visa Inc launched a corporate payment network B2B Connect on the basis of the blockchain, according to Reuters.
The network was created to improve the efficiency of cross border payments between financial institutions. In particular, B2B Connect is a quick and inexpensive payments without the involvement of intermediaries.
Currently B2B Connect serves 30 payment corridors, which Visa plans to the end of the year to increase to 90.
Thus, a new payment network represents an alternative to the current system of correspondent relations in which smaller credit institutions use the services of large banks-intermediaries. This approach is fraught with various difficulties in carrying out operations and have a negative impact on the speed of the latter.
«Creating a solution that facilitates direct transactions between banks, we eliminate the complexity associated with key problem areas of the industry», — said the head of the Visa Business Solutions Kevin Phalen.
Initially in B2B Connect were involved in decision technology-distributed registry from a start-up Chain. Subsequently, however, the basis of a network formed technology Hyperledger Fabric from the Linux Foundation. Also in creating the solution from Visa participated Bottomline, FIS and IBM, and Visa.
Note that work on B2B Connect was conducted over two years. In 2017, was presented the pilot version of this payment system.
We will remind, spring of this year it became known that Visa employs staff in a new Department associated with cryptocurrencies.