Blockchain infrastructure helps to deliver a faster, more transparent
way for corporate clients to exchange payments across the world
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 21, 2016--
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 firstname.lastname@example.org.
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,
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/
Source: Visa Inc.
Aida Hadzibegovic, 415-805-4242
Fleur Sohtz, 347-947-0143