Visa has announced the launch of its new payments network designed to speed up cross-border transactions.
The Visa B2B Connect network aims to provide financial institutions with a tool to manage corporate client international payments quickly. Upon launch, it covers over 30 global trade corridors, with plans to expand to 90 markets by the end of the year.
The network will enable direct bank-to-bank transactions from the bank of origin to the beneficiary, removing the need for intermediaries.
Visa B2B Connect works using a digital identity feature. It tokenises sensitive client business information and assigns them a unique identifier, meaning transactions can be carried out without revealing banking details and account numbers. According to Sam Hamilton, SVP, data product development at Visa, the company has also added “new elements of distributed-ledger technology” to the network, utilising the open-source Hyperledger Fabric framework.
The network has been designed in partnership with Bottomline, FIS and IBM, who are going to help with scaling.
“This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure and transparent transactions globally," said Marie Wieck, general manager at IBM Blockchain.