Visa launches blockchain-powered Technology for B2B payments globally

Thursday 13 June 2019 00:26 CET | News

Visa has launched a network called Visa B2B Connect based on blockchain architecture to facilitate secure transactions for businesses across the globe.

Visa B2B Connect at launch will serve businesses seeking to make payments to 30 markets, according to the report, with 90 more corridors expected to be covered by the close of 2019. The service has been designed to help Visa’s corporate clients sidestep the slow correspondent banking network, opening up near instant international payments using a system in part powered by distributed ledger technology (DLT).

Visa has been making concerted efforts to deepen its reach in the B2B payments space. In fiscal 2018, Visa’s B2B payments volume grew to USD 950 billion, or more than 11% of its total payments volume.

Recently Visa acquired Fraedom, a software-as-a-service company that provides products and services such as expense management and accounts payable to financial institutions and their corporate customers. It also formed a strategic partnership with WEX, a leading provider of corporate payment solutions, in July 2018. The partnership allows WEX and their corporate payment customers to use a Visa virtual card to make global B2B payments.

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Keywords: Visa, product launch, Visa B2B Connect, blockchain, World, B2B payments, payments , DLT, business to business, Fraedom, WEX
Countries: World