Visa Inc. today declared the business of the Visa B2B Connect network, providing commercial organisations with a capability to promptly and securely prepare high-value corporate cross-border payments globally. Visa B2B Connect launch will comprise 30 global trade passages, with an intention to increase to as many as 90 markets by the edge of 2019.
“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” said Kevin Phalen, SVP, global head of Visa Business Solutions. “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”
Visa B2B Connect removes friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank. The network’s unique digital identity feature tokenizes an organization’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network. Visa B2B Connect’s digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.
“We are excited to be a pilot partner for Visa B2B Connect. This modern way of carrying out cross-border B2B payments creates a substantial added value for our corporate clients. Velocity, security and control of transactions, as well as lower counterparty risks, are essential for a successful business with international partners,” says Alessandro Seralvo, Director Cornèrcard & Executive Vice President Cornèr Bank.
Partners, including Bottomline, FIS and IBM are integral parts of the future scale of Visa B2B Connect. Bottom line and FIS are bringingVisa B2B Connect platform access to its participating bank clients. Along with Visa’s core assets, Visa B2B Connect utilizes open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM. This helps provide an improved process to facilitate financial transactions on a scalable, permissioned network.
“Bottomline is delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments,” said Rob Eberle, President & CEO, Bottomline. “Our ability to provide the financial institutions we serve globally with access to Visa B2B Connect will help these banks to continue to deliver differentiated payment capabilities to their corporate customers.”
“Working together on Visa B2B Connect, we are combining the strengths of the world’s leader in electronic payments with IBM’s recognized expertise in helping scale distributed ledger technology. This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure, trusted transactions globally,” said Marie Wieck, General Manager, IBM Blockchain.
To learn more about Visa B2B Connect, please visit www.visa.com/visab2bconnect, download the white paper or contact the team at VisaB2BConnect@visa.com.