Global funds expertise supplier Visa has introduced new product particulars surrounding digital identification in preparation for a Q1 2019 launch of Visa B2B Connect, its enterprise blockchain platform that allows cross-border funds between companies.
“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,” stated Kevin Phalen, world head of Visa Business Solutions, in a statement. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking and more.”
As a part of the B2B Connect platform, Visa is integrating open supply Hyperledger Fabric framework from the Linux Foundation with Visa’s core belongings. This will assist present an improved course of to facilitate monetary transactions on a scalable, permissioned community.
Hyperledger Fabric was first developed by IBM and New York-based business startup Digital Asset as a blockchain framework and formally launched its production-ready software program, the Hyperledger Fabric 1.0, final yr.
Jason Kelley, normal supervisor at IBM Blockchain Services, is quoted as saying that the system represents some of the “powerful examples to date of how blockchain is transforming payments.”
Fintech supplier Bottomline Technologies can also be partnering with Visa on the B2B Connect system, a partnership that can allow “mutual financial institution clients” to entry the system.
“Bottomline serves 1,200 monetary establishments globally, and they’re all the time trying to us to offer them with value-add improvements that simplify processes and enhance efficiencies,” stated Rob Eberle, President & CEO of Bottomline Technologies.
According to Visa’s web site, B2B Connect was first previewed again in 2017, and counted the U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines, and the United Overseas Bank in Singapore as among the many first companions processing pilot funds forward of business launch.
Earlier this month, Hyperledger Project partnered with Enterprise Ethereum Alliance (EEA). The two organizations count on that the open-source, standards-based, cross-platform collaboration will contribute to accelerating mass adoption of blockchain applied sciences for enterprise.
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