Discover, BPDA partner to develop blockchain PoC for B2B transactions

Monday 6 August 2018 10:00 CET | News

Discover Financial Services has teamed up with Business Payments Directory Association (BPDA) to develop a proof of concept (PoC) platform for its B2B directory built on blockchain tech.

BPDA’s directory offers a searchable database of electronic payments information for business transactions. The directory will be structured as a network of credentialed service provider “sub-directories”, in which trusted and validated payee information will be stored, according to Banking Technology.

To support the capabilities of the directory, the platform will use open source technologies, blockchain/distributed ledger technology (DLT) and standardised APIs developed by the API Standardisation Industry Group.

Credentialed service providers will allow access to the stored electronic payment information. Payers can query the directory to obtain information of a single payee or multiple payees, and payees can manage their information in real time to ensure payment details are current.

The directory work effort will kick off in August 2018. The PoC phase is expected to continue in 2019.

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Keywords: API, DLT, blockchain, B2B transactions, Discover Financial Services, Business Payments Directory Association, BPDA
Countries: World