Visa Readies B2B Blockchain Solution for Market
Visa has announced product details surrounding digital identity in preparation for a first quarter 2019 launch of Visa B2B Connect. The company says that this is one-of-a-kind distributed ledger-based platform designed to give financial institutions a fast and secure way to process cross border business-to-business (B2B) payments globally.
The solution’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.
In preparation for the commercial launch next year, Visa is expanding partnerships to add additional functionality to the B2B Connect platform. As part of the B2B Connect platform, Visa is integrating open source Hyperledger Fabric framework from the Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable, permissioned network. Visa says that its work with IBM will enable mutual financial institutional clients and ecosystem to maximise the network.
Bottomline Technologies is working with Visa to be the first partner to integrate its solution with B2B Connect. With the integration, Bottomline’s financial institutions that participate in B2B Connect can gain access to the platform, without requiring complex technology updates.