Visa has launched a cross-border payment network based on some aspects of Blockchain technology, Reuters reported on June 11.
The network, called Visa B2B Connect, is designed to facilitate international payments by international financial institutions by enabling direct transactions between banks and beneficiaries.
According to the report, the network already covers 30 commercial channels worldwide to enable faster and cheaper cross-border payments and is expected to expand to 90 markets by the end of 2019.
Visa B2B Connect relies in part on Blockchain’s technology, which contains hyperlide elements, the DLT technology developed by a Linux-led
Specifically, certain aspects of Blockchain technology have been used because of their ability to transfer more data to pay than any existing payment system, Visa Business Solutions global president Kevin Fallen said in the report.
The new network comes as a result of collaboration with IBM’s global technology giant, as well as Potomeline Technologies for e-operation and FIS. In order to develop the product, Visa has been working in principle with the company to set up the QIN records system.
More recently, Visa has also partnered with the financial technology operator to implement the Japanese-based LineLinePay Corporation to develop new Lucent solutions and digital payments.