View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 12, 2019

Visa rolls out blockchain-based B2B payments network

Visa has gone live with its cross-border business-to-business (B2B) payments network in more than 30 countries. Called Visa B2B Connect, the new offering is powered by blockchain technology.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Through the network, businesses can make payments directly from the bank of origin to the beneficiary bank.

In order to address security concerns, the network tokenises sensitive data including banking details and account numbers.

Plans are on to make the offering available in 90 countries by this year-end.

Visa SVP of data product development Sam Hamilton said: “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.”

Visa B2B Connect leverages the Hyperledger Fabric, developed by IBM and hosted by Linux Foundation.

Previously, Visa collaborated with blockchain firm Chain to develop the network.

Visa Business Solutions SVP and global head Kevin Phalen said: “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points.

“With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”

Earlier this month, Visa partnered with Western Union to support quicker remittances.

Visa was recently also in the limelight for its purchase of payment services provider Earthport.

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International