Visa is to launch its blockchain based digital identity system (Visa B2B Connect) for global cross border business-to-business payments in the first quarter 2019
Visa is integrating open source Hyperledger Fabric framework from the Linux Foundation with Visa’s core assets, to help provide an improved process to facilitate financial transactions on a scalable, permissioned network
FinTech, Bottomline Technologies is working with Visa to be the first partner to integrate its solution with B2B Connect
Kevin Phalen, global head, Visa Business Solutions, Visa, commented, “B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem”
“IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments”, explained Jason Kelley, general manager, IBM Blockchain Services.