Visa Introduces International B2B Payment Solution Built on Chain’s Blockchain Technology
October 21 2016 - 7:05AM
Business Wire
Blockchain infrastructure helps to deliver a
faster, more transparent way for corporate clients to exchange
payments across the world
Visa Inc. today announced a preview of Visa B2B Connect, a new
platform that Visa is developing to give financial institutions a
simple, fast and secure way to process business-to-business
payments globally.
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Visa is working with Chain to build Visa B2B Connect using Chain
Core, an enterprise blockchain infrastructure that facilitates
financial transactions on scalable, private blockchain networks.
Building on this technology, Visa is developing a new near
real-time transaction system designed for the exchange of
high-value international payments between participating banks on
behalf of their corporate clients. Managed by Visa end-to-end, Visa
B2B Connect will facilitate a consistent process to manage
settlement through Visa’s standard practices.
With Visa B2B Connect, Visa aims to significantly improve the
way international B2B payments are made today by offering clear
costs, improved delivery time and visibility into the transaction
process – ultimately reducing the investment and resources required
by banks and their corporate clients to send and receive business
payments.
Visa B2B Connect, which Visa plans to pilot in 2017, is designed
to improve B2B payments by providing a system that is:
- Predictable and transparent:
Banks and their corporate clients receive near real-time
notification and finality of payment
- Secure: Signed and
cryptographically linked transactions are designed to ensure an
immutable system of record
- Trusted: All parties in the
network are known participants on a permissioned private blockchain
architecture that is operated by Visa
“The time has never been better for the global business
community to take advantage of new payment technologies and improve
some of the most fundamental processes needed to run their
businesses,” said Jim McCarthy, executive vice president,
innovation and strategic partnerships, Visa Inc. “We are developing
our new solution to give our financial institution partners an
efficient, transparent way for payments to be made across the
world.”
“This is an exciting milestone in our partnership with Visa,”
said Adam Ludwin, chief executive officer of Chain. “We are
privileged to support Visa’s efforts to enhance the service it
provides to its clients and shape the future of international
commerce with this blockchain-enabled innovation – streamlining
business payments among financial institutions and their customers
around the world.”
For more information, please contact
visab2bconnect@visa.com.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that
connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world’s most advanced processing networks — VisaNet — that is
capable of handling more than 65,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa’s innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead with prepaid
or pay later with credit products. For more information, visit
usa.visa.com/about-visa, visacorporate.tumblr.com and
@VisaNews.
About Chain:
Chain, Inc. (www.chain.com) is a technology company that
partners with leading organizations to build, deploy, and operate
blockchain networks that enable breakthrough financial products and
services. Chain is the author of the Chain Protocol, which powers
the award-winning Chain Core blockchain platform. Chain was founded
in 2014 and has raised over $40 million in funding from Khosla
Ventures, RRE Ventures, and strategic partners including Capital
One, Citigroup, Fiserv, Nasdaq, Orange, and Visa. Chain is
headquartered in San Francisco, CA.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161021005212/en/
For Visa:Aida Hadzibegovic,
415-805-4242ahadzibe@visa.comorFor Chain:Fleur Sohtz,
347-947-0143fleur@chain.com
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