VISA B2B Connect using Distributed Ledger Technology

In a press release dated June 11, 2019, VISA has announced it is launching Visa B2B Connect, “ an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” according to Kevin Phalen, SVP, global head of Visa Business Solutions.

Being the pilot participant, Visa B2B Connect is paving the way for global corporate clients, banks and other financial institutions to see how distributed ledger technology can transform an industry. Transparency and consistency of data will help eliminate industry pain points associated with paper trails, cyber security and compliance.

The network’s unique identity tokenization of sensitive business information will help facilitate cross-border transactions, but do not mistake this for a decentralized platform. Visa controls B2B Connect, an innovation that has been in the works for approximately two years.

Visa partners are chiming in

Marie Wieck, general manager of IBM Blockchain has mentioned that this development is combining the strengths of the world’s leader in electronic payments with IBM’s expertise to scale distributed ledger technology for secure and transparent transactions.

According to Alessandro Seralvo, director Cornèrcard, and executive vice president of Cornèr Bank, “Velocity, security and control of transactions, as well as lower counterparty risks are essential for a successful business with international partners.”

Brian Gordon, senior vice president of International Payments and Trade, Commerce Bank states is excited to see how this will change the way cross-border payments are made, which Rob Eberle, CEO and president of Bottomline, a payment and cash management platform for small-to-medium business (SMB) and corporate customers states they are “delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments.”

In a statement, Sam Hamilton, senior vice president, data product development at Visa said, “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. This lays the foundation for a service with the potential to transform cross-border payments.”

Visa B2B Connect, in partnership with IBM, is using the open-sourced Hyperledger Fabric framework from the Linux Foundation. This will help provide scalability in a permissioned network.

Visit here for the official press release.

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