Visa Builds Cross-Border B2B on Blockchain

Visa is ready to tackle the complexity and risk of large sum, cross-border business to business payments, thanks to its latest partnership with tech start-up Chain. Beginning next year, Visa member banks will be able to offer Visa B2B Connect to customers.

Utilizing blockchain technology, Visa B2B Connect will enable the secure transfer of thousands or even millions of dollars through Visa’s network with greater speed than possible via wire transfer or check. These high value, large-scale transactions will prove a competitor to banks, which have traditionally executed cross-border payments as an intermediary, and should closely resemble the simplicity of an everyday merchant-customer interaction. Visa and Chain successfully tested Visa B2B Connect with 30 banks in 10 counties ahead of their announcement.

Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at Visa Inc. said in Visa’s press release, “ The time has never been better for the global business community tot take advantage of new payment technologies and to improve some of the most fundamental processes needed to run their businesses. We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world.”

Read more on the Visa / Chain partnership here.