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.