Visa has announced the launch of their B2B connect network. The aim is to give financial institutions the ability to process corporate payments anywhere in the world. The Visa B2B Connect launch will initially cover more than 30 global trade channels, with the intention of expanding to as many as 90 markets by end of 2019.
“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” says Kevin Phalen, global head of Visa Business Solutions.
Visa B2B Connect network’s digital identity feature takes an organisation’s sensitive business information, for example banking details or account numbers, and turns it into a token that can be used to authenticate transactions. The network then facilitates transactions from the bank of origin directly to the beneficiary bank “eliminating friction. We are making payments quicker and simpler, while enhancing transparency and consistency of data,” continues Phalen.
“As a pilot participant, we are excited about the Visa B2B Connect launch. This modern way of carrying out cross-border B2B payments will create a substantial value for our corporate clients. Velocity, security and control of transactions, as well as lower counterparty risks are essential for a successful business with international partners,” says Alessandro Seralvo, director of Cornèrcard & executive vice president of Cornèr Bank.
Bottomline, FIS and IBM are also key partners in the future scale of Visa B2B Connect. The connect network utilises open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM. Bottomline and FIS bring Visa B2B Connect platform access to participating bank clients.
“With Visa B2B Connect, we are leveraging Visa’s existing assets and our expertise in cybersecurity, data privacy, the scale of our network – and layering that with new elements of distributed-ledger technology to meet unique needs of this industry,” said Sam Hamilton, SVP, data product development at Visa. “This lays the foundation for a service with the potential to transform cross-border payments.”
Edited by Jenna Cook
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