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Visa has announced new product details surrounding digital identity ahead of the commercial launch of its blockchain-based platform ‘Visa B2B Connect’ in Q1 2019.
First previewed in October 2016, Visa B2B Connect aims to give financial institutions a simple, fast and secure way to process cross border business-to-business payments globally. Kevin Phalen, global head, Visa Business Solutions, Visa, explained that the platform will facilitate payments for financial institutions across diverse sectors, including supply chain, trade, institutional banking and more.
“With B2B Connect, we’re developing a new way for businesses to make cross border, high value payments – fixing broken processes and breaking down geographic barriers along the way,” he said.
B2B Connect’s digital identity feature encompasses safety, security, and governance all in one solution. It will tokenize 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 platform.
“B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem,” Phalen added.
Expanding Partnerships
In addition, Visa announced that is expanding partnerships to add additional functionality to the B2B Connect platform and named IBM and Bottomline Technologies as new partners for the commercial launch.
Visa said it is integrating Hyperledger Fabric framework with Visa’s core assets, which will help provide an improved process to facilitate financial transactions on a scalable, permissioned network.
“The work between Visa and IBM will enable our mutual financial institutional clients and ecosystem to maximize the network, it said, adding that this “highlights both companies’ commitment to ensuring a frictionless cross-border payment experience with the utmost security, trust and transparency.”
According to the official release, financial technology provider Bottomline Technologies is working with Visa to be the first partner to integrate its solution with B2B Connect. With the integration, Bottomline’s financial institutions who participate in B2B Connect can gain easy access to the B2B Connect platform, without requiring complex technology updates.
