Visa Builds Cross-Border B2B on Blockchain
10-24-2016
Visa is ready to tackle the complexity and risk of large sum, cross-border business to business payments, thanks to its latest partnership with tech start-up Chain. Beginning next year, Visa member banks will be able to offer Visa B2B Connect to customers.
Utilizing blockchain technology, Visa B2B Connect will enable the secure transfer of thousands or even millions of dollars through Visa’s network with greater speed than possible via wire transfer or check. These high value, large-scale transactions will prove a competitor to banks, which have traditionally executed cross-border payments as an intermediary, and should closely resemble the simplicity of an everyday merchant-customer interaction. Visa and Chain successfully tested Visa B2B Connect with 30 banks in 10 counties ahead of their announcement.
Jim McCarthy, Executive Vice President of Innovation and Strategic Partnerships at Visa Inc. said in Visa’s press release, “ The time has never been better for the global business community tot take advantage of new payment technologies and to improve some of the most fundamental processes needed to run their businesses. We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world.”
Read more on the Visa / Chain partnership here.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
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