Kevin Phalen, SVP, Global Head of Visa Business Solutions

Visa has announced the launch of Visa B2B Connect network, a cross border payment network aiming to facilitate quick and secure processing of corporate cross-border payments globally.

“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.”

According to the supplier, Visa B2B Connect aims to streamline cross border by facilitating transactions from the bank of origin directly to the beneficiary bank. The network tokenizes an organisation’s sensitive business information thereby providing them with a unique identifier. The blockchain-based network has been developed to bring about a sense of security and transparency in transactions worldwide.

Visa B2B Connect’s partners include Bottomline, FIS and IBM. 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 our mutual financial institution clients globally with access to Visa B2B Connect will help these banks to continue to deliver differentiated payment capabilities to their corporate customers.”

“Enabling modernization for financial institutions across all payments systems is a key tenet of FIS’ global strategy, and we’re glad to be amongst Visa’s first partners to bring Visa B2B Connect platform access to our mutual clients at scale,” said Raja Gopalakrishnan, international head of Banking and Payments for FIS Global Financial Solutions.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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