November 17, 2017 - Visa Inc. unveil their efforts to transform the business-to-business (B2B) payments space in the Fintech Festival at Singapore today. As stated in an announcement, Visa is beginning to process bank to-bank test transactions with Commerce Bank in the United States, Shinhan Bank in South Korea, Union Bank of Philippines and United Overseas Bank in Singapore ahead of a planned commercial launch in mid-2018; other partners may follow soon.
“In a world of increasing global interconnectedness, the ability to make and receive payments quickly and transparently is critical for companies of all sizes. Commerce Bank is dedicated to delivering new and innovative solutions for our customers and, through our powerful relationship with Visa, we are excited to be participating in the Visa B2B Connect pilot,” said Chris Wiedenmann, VP, commercial payments and products at Commerce Bank.
Visa B2B connect
Visa B2B Connect is a platform designed by Visa in association with Chain to give financial institutions a secure, fast and predictable way to process business-to-business payments globally. Chain Core is an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks.
Open APIs of B2B Connect will allow developers to take their capabilities and to build solutions of a smarter cross-border B2B payments that can quickly scale in multiple markets. Visa B2B Connect will facilitate a consistent process to manage settlement through Visa’s standard practices. It will provide a new near real-time transaction system for the exchange of high-value international payments between participating banks.
With the recent news of American Express collaboration with Ripple and Mastercard seeking patent for Instant Blockchain Payments Processing; mass scale adoption of blockchain technology is evident. Financial instituitions are speeding up the implementation to simplify the process and achieve instant processing for all type of payments.
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