Visa preps blockchain digital ID platform launch
The Visa B2B Connect platform is offered as a one-of-a-kind distributed ledger-based platform designed to give financial institutions a simple, fast, and secure way to process cross-border business-to-business payments globally.
“With B2B Connect, we’re developing a new way for businesses to make cross-border, high-value payments – fixing broken processes and breaking down geographic barriers along the way,” says Kevin Phalen, global head, Visa Business Solutions, Visa. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking, and more.”
The platform’s digital ID feature tokenizes an organization’s sensitive business information – such as banking details and account numbers – giving them a unique identifier that can be used to facilitate transactions. Offered as providing safety, security, and governance all in one solution, B2B Connect’s digital identity feature, says the company, will transform the way information is exchanged in business-to-business cross-border transactions.
“B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH, and wire transfers today,” says Phalen, “while also helping companies remain compliant as part of the regulated financial ecosystem.”
In preparation for next year’s commercial launch, the company also announced expanded partnerships to add functionality to the platform, including integrating the open source Hyperledger Fabric framework – hosted by the Linux Foundation and developed with IBM – with Visa’s core assets to help provide an improved process to facilitate financial transactions on a scalable, permissioned network. The partnership with IBM, says the company, will enable their mutual financial institutional clients and ecosystem to maximize the network.
“When industry leaders in payments and in financial services technology work together using open source technology, the entire business landscape stands to benefit,” says Jason Kelley, general manager, IBM Blockchain Services. “IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments.”
In addition, says Visa, it is partnering with fintech provider Bottomline Technologies (Portsmouth, NH), which currently serves 1,200 financial institutions providing technology that “helps make complex business payments simple, smart, and secure.” Bottomline is working with Visa to be the first partner to integrate its solution with B2B Connect, allowing its financial institutions who participate in B2B Connect to gain easy access to the B2B Connect platform without requiring complex technology updates.
Visa B2B Connect is set to launch in the first quarter of 2019.
Visa
IBM
Bottomline Technologies
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