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).
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.