Visa B2B Connect is a distributed ledger-based platform, which aims to provide financial institutions with a secure way to process cross-border business-to-business payments globally. B2B Connect’s digital identity feature tokenizes 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.
Digital payments group Visa has prepared Visa B2B Connect for commercial launch in the first quarter of 2019, with an expanded list of perspective partners. In preparation for the commercial 2019 launch, 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. IBM has been active in collaborating with financial services companies in the areas of DLT application. In July 2018, for instance, CLS, a market infrastructure group delivering settlement, processing, and data solutions, and IBM has announced a collaboration on a proof of concept (PoC) for a DLT platform for the financial services industry. The platform, called LedgerConnect, aims to enable banks, buy and sell side firms, FinTechs and software vendors to deploy, share and consume services hosted on a shared distributed ledger network.
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