After publicly announcing the details of the near real-time settlement platform, Visa B2B Connect network is officially live. As reported by Reuters on Tuesday, Visa’s blockchain-powered corporate payments service was originally developed with blockchain startup Chain, but opted to use Hyperledger Fabric for the distributed ledger technology (DLT) with assistance from IBM. According to the report, Visa B2B Connect will focus on businesses that require to send and receive payments in 30 different markets across the globe, with an additional 90 regions expected to be covered by year-end.
Visa’s new direct bank-to-bank payment service is designed to eliminate friction associated with traditional banking and offers the payment giant’s corporate clients a near-instant global payment network. Visa notably participated in Chain’s private placement offering of $30M in 2015 and first rolled out a test pilot of Visa B2B Connect in November 2017.
This move by Visa is part of their growth initiative to expand beyond credit card transactions, a space where the company has dominated.