Tanya Abrosimova
Independent Analyst
- The payment giant dives deeper into blockchain industry.
- The new platform targets small financial institutions.
One of the world’s largest payment processing companies Visa Inc. has launched a blockchain-based platform B2B Connect, Reuters reports.
The network is expected to enhance the efficiency of cross-border payments between financial institutions. Being a blockchain-based solution, B2B Connect allows to reduce the intermediary parties and offers fast and cost-efficient payments.
Currently, B2B Connect serves 30 payment corridors, though the company plans to increase the number up to 90 by the end of the year.
Basically, the new payment network is built as an alternative to the existing system where small financial institutions have to resort to services of large intermediary banks, which often leads to the delays and high transaction fees.
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points,” Kevin Phalen, SVP, global head of Visa Business Solutions, explained in a statement.
Initially, B2B Connect was built on the distributed ledger technologies of startup Chain. However, ultimately the company opted for Hyperledger Fabric, the open source distributed ledger developed by Linux Foundation.
Also, recently, Visa announced a partnership with Japan’s LINE Pay Corporation. The companies are engaged in developing new blockchain and digital payments solutions.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.