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Visa Launches First Phase of Blockchain B2B Payments

Credit card giant Visa has launched the trial phase of its business-to-business payments system built with blockchain startup Chain.

Nov 17, 2017 at 1:35 p.m. UTC
Updated Sep 13, 2021 at 7:10 a.m. UTC

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.

First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

Already working with Visa on the project are U.S.-based Commerce Bank, South Korea's Shinhan Bank, the Union Bank of Philippines and the United Overseas Bank, based in Singapore.

Visa's global head of solutions, Kevin Phalen, told CoinDesk that the banks are trialing live bank-to-bank transactions over the platform.

Following this first phase of the project, phase two will see the project move to a commercial launch, slated to occur in the middle of 2018, he added.

Phalen explained:

"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."

Visa's existing partners, as well as future ones, can utilize the company's application programming interface (API) to create their own platforms, according to a press release.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Chain. 

Visa image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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