Visa and Chain team up for new B2B blockchain payments platform
Visa has unveiled Visa B2B Connect, a new blockchain-based platform that it is building with US-based blockchain specialist Chain Inc. At present, the solution is in preview mode. It will be piloted in 2017.
The aim is “to give financial institutions a simple, fast and secure way to process business-to-business payments globally”, Visa says. The end result will be a new near real-time transaction system for the exchange of high-value international payments between participating banks on behalf of their corporate clients.
Chain’s flagship development, the Chain Core enterprise blockchain infrastructure, will underpin the new offering.
Visa B2B Connect will be managed by Visa end-to-end.
San Fransisco-based Chain was founded in 2014 and has raised over $40 million in funding from Khosla Ventures and RRE Ventures. Its strategic partners include Capital One, Citigroup, Fiserv, Nasdaq, Orange and Visa.