For the past year, Visa has been looking closely at blockchain technology and the potential it has to transform the world of payments. While evaluating the best use cases for our clients and their customers, we realized that one of the biggest opportunities is in corporate international business-to-business payments.
That is why Visa recently partnered with Chain, a blockchain enterprise company, to develop a proof of concept and design a platform to offer pilot financial institutions a simple, fast and secure way to process B2B payments globally.Out of that effort, a new upcoming solution—Visa B2B Connect—will emerge. Using Chain Core, an enterprise blockchain infrastructure, and managed byVisa end to end, Visa B2B Connect will offer participating pilot financial institutions a consistent process for managing settlement through Visa’s standard practices.
As a payments technology company, we always are looking for innovative technologies that might have the potential to help advance our clients’ business in this new digital world, while ensuring the highest levels of security, transparency and convenience for all. Visa B2B Connect will have what it takes to move the needle and make meaningful improvements in the way corporate clients are able to make payments around the world. That is why we are excited to launch our initial pilots with financial institutions, planned for early next year.
Join us at Money20/20 when Vicky Bindra, Visa’s head of global solutions, and Adam Ludwin, co-founder and CEO of Chain, kick off the event and share more during the opening keynote at Money20/20, on Sunday, October 23 at 5:40 p.m. Want to learn more about Visa B2B Connect? Email us at [email protected].