Visa has announced the commercial launch of its Visa B2B Connect network, giving financial institutions the ability to quickly and securely process high-value corporate cross-border payments globally. The launch will cover more than 30 global trade corridors, with an aim to expand to as many as 90 markets by end of 2019.
Visa B2B Connect is designed to remove the friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank. The network’s unique 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 network.
Partners, including Bottomline, FIS and IBM are integral parts of the future scale of Visa B2B Connect. Bottomline and FIS are bringing Visa B2B Connect platform access to its participating bank clients. Along with Visa’s core assets, Visa B2B Connect uses open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM. This helps provide an improved process to facilitate financial transactions on a scalable, permissioned network.