VISA Launched the First Phase of Its Own Blockchain Platform
November 20, 2017
Global Payment Company Visa has rolled out the first pilot phase at B2B Connect, developed with the use of distributed ledger technology. The platform will be used for effective implementation of safe and transparent cross-border payments, facilitating direct payments between institutions, cutting out the involvement of intermediaries. In addition to VISA, in this project took part U.S. based Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines and the United Overseas Bank, based in Singapore.
Visa’s global head of solutions, Kevin Fahlen, told that the partner banks are already testing bank-to-bank transactions over the new platform.
"This is only the first step as we are working on a commercial launch of our platform and for this reason we are testing the process of bank-to-bank transactions with select clients. Under these circumstances, some more organizations will join soon B2B Connect."
Moreover, the launch of this project’s second phase is being scheduled for the next midyear, he added.
Summing it up, the existing partners, among other things, will be able to use the API to create their own applications on this platform.
It is vital to note that recently one of the Visa’s competitors, American Express, announced the launch of the Blockbuster platform based on Ripple, intended for instant transatlantic payments.