The digital revolution has made transferring funds across vast geological distances incredibly expedient, but with that speed comes potential security issues, and Visa B2B Connect is a system for making those transfers safer. Visa B2B Connect fills in a key step in the process of transferring funds on a global scale, securely moving funds between international financial institutions.
The system was developed as a collaboration between Visa and Chain. It uses Chain Core, "an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks," according to the press release. For businesses, the B2B payment system should thus improve delivery time, offer transparency into the transaction process, and make the upfront costs readily apparent.
Visa B2B Connect will open as a pilot project in 2017.
What's Driving This Trend
- Global Blockchain Payment System
- Visa B2B Connect uses blockchain to ensure secure global financial transactions.
- Enterprise Blockchain Infrastructure
- Chain Core provides a framework for developing scalable, private blockchain networks.
- Transparency in B2B Transactions
- Visa B2B Connect provides transparency and visibility into the transaction process.
Who This Affects Most
- Financial Services
- Visa B2B Connect is disrupting the traditional financial services industry by using blockchain technology to secure global payments.
- Enterprise Technology Solutions
- Chain Core presents a disruptive innovation opportunity for enterprise technology solutions by offering blockchain infrastructure for financial transactions.
- Business-to-business Payments
- Visa B2B Connect provides unprecedented security and transparency in B2B payments, disrupting traditional payment methods.
