Visa Relying on DLT Elements in New Cross-Border Payments Network

Visa Launches Blockchain Payments System B2B Connect

The network, called "Visa B2B Connect", is created to facilitate worldwide payments made by global financial institutions by enabling direct interbanking transactions between businesses and beneficiaries.

As reported by Reuters on Tuesday, the payments giant has launched its Visa B2B Connect network - a product that was originally developed alongside blockchain startup Chain.

Specifically, certain aspects of blockchain tech were reportedly used due to its capability to transfer more data on a payment than any existing payment system, global head of Visa Business Solutions Kevin Phalen said in the report.

Being launched globally today, the new payment platform will be 30 trade corridors initially, with Visa noting that it plans to make it available in up to 90 different countries by the end of 2019. Along with Visa's core assets, Visa B2B Connect utilizes open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM.

Four Nigerians arrested over alleged kidnap of Canadians in Ghana
An Estonian diplomat was also rescued by police after being kidnapped in April in the capital, Accra, Ghanaweb reported. The women, aged 19 and 20, were volunteers for Canadian charity Youth Challenge International (YCI).

The payment giant dives deeper into blockchain industry.

During the process of transactions, Visa B2B Connect uses digital identifiers that store information about the bank and the account holder. It's also hard to track the transfer's progress and predict how much it will cost, including the foreign exchange rate.

Financial messaging service SWIFT in February also detailed a new proof of concept that will trial its gpi Link gateway that interlinks e-commerce and trading platforms with the SWIFT gpi, using R3's Corda distributed ledger technology (DLT). BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world's new money and enterprise blockchain. Instead, Visa will count on its experience in complex payments, compliance, and cybersecurity. "Having participated in the pilot program, Commerce Bank is excited to see how this innovative solution will change the way cross-border payments are made, while increasing the speed and transparency for businesses around the world", said Brian Gordon, SVP International Payments and Trade, Commerce Bank. As such, Visa will have access to FIS's client list who can choose to use the Visa B2B Connect for payments.

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