Visa has announced the commercial launch of its cross-border payments network, Visa B2B Connect. Special feature Special report: How blockchain will disrupt business (free PDF) This ebook, based on the latest ZDNet/TechRepublic special feature, looks at how blockchain is shaking up the economy and changing the way individuals and enterprises conduct business. Read More According to the company, the network allows financial institutions to quickly and securely process high-value corporate cross-border payments globally. The launch will cover more than 30 global trade corridors, with Visa saying the aim is to expand into as many as 90 markets by end of 2019. Visa said that along with using its own core assets, it has partnered with IBM Blockchain for Visa B2B Connect. The company touted the use of blockchain will provide “improved process to facilitate financial transactions on a scalable, permissioned network”. The IBM Blockchain Platform is built on top of Hyperledger Fabric, an open source blockchain project from the Linux Foundation. See also: Blockchain: A cheat sheet (TechRepublic) “With Visa B2B Connect, we are leveraging Visa’s existing assets and our expertise in cybersecurity, data privacy, the scale of our network — and layering that with new elements of distributed-ledger technology to meet unique needs of this industry,” SVP of data product development at Visa Sam Hamilton said. “This lays the foundation for a service with the potential to transform cross-border payments.” See also: Gartner says 90% of blockchain projects will need replacing in 18 months It is intended for Visa B2B Connect to… [Read full story]
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