Payment giant Visa said that it will launch its blockchain-based system for cross-border payments on the basis of digital identifiers in the first quarter of 2019.
Platform called Visa B2B Connect, designed for financial institutions wanting to safely make payments abroad. This system tokenserver all confidential banking information such as Bank details and account numbers, and assigns to it a unique cryptographic identifier. He takes part in all transactions.
In this way, according to the head of Visa’s Business Solutions Falena Kevin (Kevin Phalen), the system will protect users from fraud.
“Digital identifiers Connect B2B will significantly reduce the likelihood of fraud, which happens in ACH payments and wire transfers, and also help companies meet regulatory requirements to be part of regulated financial ecosystem,” added Phalen.
Technically, Visa, Business Solutions combines the framework Hyperledger Fabric, which is the brainchild of Linux and IBM, and the fixed asset Visa. As stated by Jason Kelly (Jason Kelley), the head of IBM’s Blockchain Services, the system represents one of the most effective examples of the transformation of the payments industry using blockchain.
In addition to IBM and Linux, Visa has partnered with a provider of financial technology services Bottomline Technologies. According to the press release by Visa, the company serves 1200 financial institutions. Some of them Bottomline Technologies will provide access to the Visa system Business Solutions. Last month it became known that on the corporate Visa will also run a major Thai Bank Kasikornbank.
Visa Business Solutions was first submitted last year — then, in November, launched the pilot phase of the project. Visa immediately enlisted the support of Commerce Bank of the United States, Shinhan Bank from South Korea, UnionBank of the Philippines and UOB Bank, Singapore.
Interestingly, despite the obvious sympathy for the blockchain technology, Visa recently announced a cryptocurrency company and ICO merchants from the high risk category. This means that their activities will now be closely monitored payment company, a brokerage firm without a license and are not able to serve customers with debit cards Visa and MasterCard, have adopted a similar solution.