Credit Card giant Visa has officially launched its long-anticipated digital identity system based on the blockchain-Visa B2B Connect today. In the latest cryptocurrency news today, we read more on the company’s claims.
According to the statements, the company will allow financial institutions to quickly process high-value corporate international payments. The B2B Connect will facilitate transactions from the originating bank 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.’’
The Senior Vice President Kevin Phalen who is also the Global Head of Visa Business Solutions stated that the new product ‘’will accelerate the evolution of how commercial payments move around the world.’’ He also added:
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points.’’
The company has previously partnered with Bottomline, IBM and FIS launching the B2B Connect while the Commerce Bank and the Corner Bank both tested the new product in the pilot program. The new digital identity system based on the blockchain will cover more than 30 global trade corridors, aiming to expand to more than 90 markets by the end of the year according to the reports in the coming altcoin news. The Senior Vice President for International Payments and Trade at Commerce bank was quoted when he spoke about the Credit Card Giant Visa and the new project:
“Having participated in the pilot program, Commerce Bank is excited to see how this innovative solution will change the way cross-border payments are made, while increasing the speed and transparency for businesses around the world.’’
As it was previously announced, Visa announced the B2B Connect blockchain solution in October 2018. During the same month, the CEO of Visa Al Kelly said that he ‘’certainly’’ does not see how cryptocurrencies can be a threat to his business right now and added that ‘’if we have to go there, we will go there.’’ Also, Visa Inc. which is one of the largest payment processors and credit card companies is currently seeking a full-time technical product manager specializing in blockchain for its office in Palo Alto, California.
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