Visa B2B Connect, a blockchain platform, will launch officially in the First Quarter of 2019. The digital payments provider will launch the distributed ledger-based platform to provide banks and financial institutions a secure, straightforward and safe option for processing cross-border payments across the globe.
According to the global head of the Visa Business Solutions, Kevin Phalen, “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. “ He further added that the B2B Connect from Visa will provide payment facilities to financial institutions for conducting a plethora of industrial activities including institutional banking, trade, and supply chain.
Visa B2B Connect allows businesses to tokenize sensitive data
The company stated that the Visa B2B Connect comes with a digital identify feature with the help of which businesses can tokenize their sensitive data. The data can be of various types including banking details and account numbers. The process gives this data a unique identifier which the users can utilize for facilitating transactions on the platform of Visa.
The digital feature of B2B Connect encompasses safety, security, and governance with just one solution which is a sort of revolution in the business-to-business global cross-border transactions. According to Phalen, the B2B Connect’s digital identity reduces the chances of fraud to a large extent which otherwise might continue to exist despite regular checks and ACH as well as wire transfers processes.
The platform thus helps the companies to fulfill the regulations of the financial ecosystem.
Visa to partner with several companies for B2B Connect launch
Visa is partnering with multiple companies to expand the functionality of the platform. It is integrating into the open source platform of Hyperledger Fabric from the Linux Foundation by using the core assets of Visa. This partnership will increase the financial transactions possibility on the scalable and permissioned network.
Visa is also entering into a partnership with IBM for the Visa B2B Connect giving the institutional financial clients and the ecosystem a chance to expand their networks.