Visa step closer to B2B Connect launch, onboards new partners
Visa B2B connect step closer to launch
Visa has unveiled new product details surrounding digital identity in preparation for a Q1 2019 launch of its new B2B Connect offering. “This one-of-a-kind distributed ledger-based platform is designed to give financial institutions a simple, fast and secure way to process cross border business-to-business (B2B) payments globally,” the company states.
“With B2B Connect, we’re developing a new way for businesses to make cross border, high value payments – fixing broken processes and breaking down geographic barriers along the way,” says Kevin Phalen, global head of Visa Business Solutions.
B2B Connect’s digital identity feature tokenises an organisation’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the platform.
“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,” continues Phalen.
Visa is now integrating open source Hyperledger Fabric framework from the Linux Foundation with the company’s core assets.
“When industry leaders in payments and in financial services technology work together using open source technology, the entire business landscape stands to benefit,” observes Jason Kelley, general manager, IBM Blockchain Services. “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.”
Meanwhile, US-based paytech vendor Bottomline Technologies is set to become the first partner to integrate its solution with B2B Connect. “With the integration, Bottomline’s financial institutions who participate in B2B Connect can gain easy access to the B2B Connect platform, without requiring complex technology updates,” Visa explains.
