According to Deloitte the US B2B payments market will grow at the compound annual rate of 5.8% from 2014 to 2020, or from USD 16.5 trillion to USD 23.1 trillion. This market represents a, “Significant opportunity for those who play in this space,” the consultancy company continued.
Visa B2B Connect is a near real-time transaction system designed for high-value international payments between participating banks. The platform is described as a simple, fast and secure way to process business-to-business (B2B) payments and is managed by Visa from end to end, and uses an enterprise-grade distributed system called Chain Core, which enables institutions to initiate, operate, or connect to a blockchain network.
The technology is provided by Chain, a San Francisco based blockchain startup founded in 2014. The fintech builds, deploys, and operates blockchain networks tailored for financial products and services. The startup has raised over USD 40 million in funding from Visa and Khosla Ventures, RRE Ventures, and strategic partners including Capital One, Citigroup, Fiserv, Nasdaq, and Orange.
Although Visa is the biggest company to exploit blockchain technology for this sector, several startups offer B2B services. An African payment and trading platform that uses Bitcoins to transfer value, BitPesa, currently offers B2B payment service across Africa. The company was founded in 2013 and now claims to cover 85 countries, with 6,000 users, and has processed over 17,000 transactions. Align Commerce is also operational. The company set out in November 2016 to modernize the B2B payments industry with the Bitcoin blockchain.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now