Visa is going to implement blockchain platform

Marcelina ŁukaszewiczWritten by | bitcoin, blockchain, News

Visa is going to implement blockchain platform
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Blockchain technology is more and more popular these days.

New companies are seeing in that possibilities of self and product development. To the, already long, list just joined Visa.

Visa, which is a global and huge company offering credit cards found in blockchain a solution for faster and more safer transactions. A corporation has just implemented the first, pilot phase of its new project.

What it is about?

The newest Visa’s project is blockchain-based B2B payment service called B2B Connect. A company is going to use a platform to ease international payments by facilitating direct payments between institutions. In the simple words, they’re going to speed up business transactions by cutting out the middleman. What’s more, another determining factor is an increase of security in that kind of transactions.

Who?

Visa announced that idea over a year ago. From that time a company found four other institutions which are working with Visa on the project. These are: South Korea’s Shinhan Bank, the Union Bank of Philippines, U.S.-based Commerce Bank and the United Overseas Bank, based in Singapore.

During the talk with Coindesk, Kevin Phalen who is Visa’s global head of solutions 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.”

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.

Well, we are more than happy about next company which is going to use blockchain platfrom.

Last modified: November 29, 2017

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