The System, named VISA B2B Connect, will connect a blockchain-powered digital identity solution for financial institutions to process cross-border payments securely. The system reportedly tokenizes sensitive business data like banking details and account numbers granting them a unique cryptographic identifier that will be implemented for transactions on the platform.
Global head at VISA Business Solutions, recommends the system will help with fraud:
“B2B Connect’s digital identity considerably decreases the possibility for a 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.”
From a technical standpoint, the solution will combine a Hyperledger Fabric framework which is hosted by the Linux Foundation and was created with input from IBM with Visa’s core assets which the release asserts will establish a scalable permissioned network for use in the financial sector.
Mr. Jason Kelley, General Manager at IBM Blockchain Services quoted saying that the system represents one of the most ‘powerful case to date of how blockchain is transforming payments.’
Fintech provider Bottomline Technologies which serves 1200 financial institutions, as per the release, is also collaborating with VISA on the B2B Connect system, a collaboration will allow ‘mutual financial institution clients’ to access the system.
As per VISA’s website, B2B Connet was first previewed back in 2017 and counted the U.S. Commerce Bank, the Union Bank of Philippines, South Korea’s Shinhan Bank, and the United Overseas Bank in Singapore as amongst the first partners processing pilot payments before the commercial launch.