Visa launches new blockchain solution for cross-border transactions

By Olivia Minnock
Global payment services giant Visa has announced it will expand into the B2B cross border payment market – with the help of distributed ledger technol...

Global payment services giant Visa has announced it will expand into the B2B cross border payment market – with the help of distributed ledger technology.

The company aims to use blockchain to promote faster, cheaper and more transparent payments.

Currently, most cross border payments go through Swift, but Visa is hoping to break into the market which it says is worth $125trn. The solution, dubbed the Visa B2B Connect network, will be aimed at high value payments, and the network is set to go live tomorrow (Wednesday).

SEE ALSO:

Visa will operate the service across 30 markets at the time of launch, with the aim of boosting this to 90 by the end of the year.

Kevin Phalen, SVP and Global Head of Visa Business Solutions: “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points.”

Those involved in the development include Bottomline, FIS and IBM, and Visa has also worked with Hyperledger Fabric.

 

Share

Featured Articles

Capital One's Takeover of Discover: All you Need to Know

Capital One's proposed US$35.3bn acquisition of Discover Financial would bring together two of the largest credit card companies in the US

Sustainability LIVE Net Zero: Sustainable Finance Insights

Financial services and banking executives have the opportunity to hear from the world’s biggest sustainability leaders discussing the future of Net Zero

EPAM: 96% of Consumers Happy With AI in Banking

EPAM Continuum has conducted its 2024 Consumer Banking Report, suggesting that 96% of consumers are happy with banks adopting AI

Bitcoin Reclaims US$1tn Valuation; the Bull Market is Here

Crypto

COMING SOON: Top 100 Women in FinTech 2024

Digital Payments

FinTech LIVE Dubai: Linoy Kidd, CIO at HSBC

Financial Services (FinServ)