Visa Launches Cross-Border Payment Network With Blockchain İnfrastructure

Visa first officially launched the cross-border payment network, which uses Blockchain technology, which was offered to the public in October 2016.

According to Reuters, Visa has launched the Visa B2B Connect network, which was originally developed together with Chain, a Blockchain startup. Visa B2B Connect currently has more than 30 trade corridors around the world and is expected to reach 90 by the end of the year.

The service is designed to help Visa's corporate customers survive the problems they face in the extremely slow correspondent banking network and is supported by partially distributed notebook technology (DLT), enabling immediate cross-border payments from company to company.

Kevin Phalen, chairman of Visa Business Solutions, spoke about the launch of the network and said, uz We are eliminating the industry's biggest challenge by creating a solution that facilitates direct transactions from bank to bank. ”

Phalen told Reuters that the network is not based entirely on distributed notebook technology, but that the technology keeps more payment information on some systems than traditional systems.

Chain, which has created chains to support financial systems, was not fully utilized by Visa, although it played a major role in the development of Visa B2B Connect in its early works. Instead, the company moved to Hyperledger Fabric for the DLT side with the help of IBM. Visa was able to raise $ 30 million in funding, especially in the autumn of 2015, when it launched a financing tour for Chain.

Visa B2B Connect was tested in November 2017 as part of a pilot study to test bank-to-bank connections.

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