Visa introduces international B2B payments built on Chain's blockchain tech

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.



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:



1. Predictable and transparent: Banks and their corporate clients receive near real-time notification and finality of payment



2. Secure: Signed and cryptographically linked transactions are designed to ensure an immutable system of record



3.Trusted: All parties in the network are known participants on a permissioned private blockchain architecture that is operated by Visa