Posted on their website Visa, the largest global credit card announced the launching of their first “pilot” phase business-to-business blockchain underlined service, B2B connect.
The plans were first announced last year with hopes of using this platform to make cross-border payments much easier. It would facilitate direct payments from one institution to the other, completely cutting out the current “middleman.” Visa is working with a startup called, Chain, to equip this platform to provide secure, yet transparent cross-border payments between these international enterprises.
There are a few institutions already on board with Visa on this project including U.S Commerce Bank, South Korea’s Shinhan Bank, the United Bank of Philippines and the United Overseas Bank in Singapore.
In an interview with CoinDesk, Kevin Phalen, Visa’s global head of solutions, stated that these banks are already testing transactions out on the “pilot’ platform.
The second phase of B2B connect is to take it commercial and they are expected that to launch mid-2018.
Phalen states:
“This week’s announcement is just the first step as we work towards a commercial launch of Visa B2B Connect. We are beginning to process bank-to-bank test transactions with select clients. Additional banks, including corporates, will follow soon.”
Featured Image: Depositphotos/© DarioSz
