In line with a recent report published by ‘Reuters’, renowned U.S based global payment giant ‘Visa’ has launched a cross-border payment network derived from some aspects of the ‘blockchain‘ technology.
The network, known as “Visa B2B Connect,” is meant to facilitate global payments initiated by global financial institutions by permitting direct inter- banking transactions in-between businesses and beneficiaries.
As per the report, the network already covers around thirty trade channels globally to allow quicker and cheaper cross-border payments, and is expected to expand to about ninety markets by the end of this year.
Visa B2B Connect is partially supported by the blockchain technology, consisting elements of Hyper-Ledger, the open source DLT [Distributed Ledger Technology] developed by a team led by the Linux Foundation, the report adds.
Moreover, certain aspects of blockchain tech were reportedly used because of its capability to transfer additional data on a payment than any existing payment system, international head of [Visa] Business Solutions ‘Kevin Phalen’ aforementioned within the report.
This new network is a result of partnership with the leading tech giant IBM, along with the e-payment operator Bottomline Technologies and fintech firm ‘FIS’. So as to develop the product, Visa was reportedly primarily operating with cryptographic ledger systems builder Chain.
Just recently, Visa conjointly partnered with the fintech operator of Japanese messaging application ‘LINE’ – LINE Pay Corporation – so as to develop a new blockchain and digital payments solutions.
Also earlier this year, software startup ‘DataLight’ published a report claiming that the leading ‘cryptocurrency‘ Bitcoin [BTC] has a potential to modify the existing global payment systems like Visa and MasterCard within the upcoming 10 years.