Fulfilling the projections made a year ago, this November 16 Visa announced the launch of the first phase of the Visa B2B Connect project, with the launch of the trial version of the blockchain platform for payments between companies that is already being experienced by various banking entities.
This could be known through an official publication of this association of financial services, disclosed through social networks such as Twitter.
"Late last year, we previewed Visa B2B Connect, a platform designed to provide financial institutions with a secure, fast and predictable way to process corporate cross-border B2B payments, and since then, we've worked hard to partner with financial institutions. from around the world to transform this vision into a platform that is now processing bank-to-bank test transactions before a planned commercial launch in mid-2018. -Visa "
In addition, the head of global solutions of Visa, Kevin Phalen, reaffirmed that it is the first step towards the official launch of Visa B2B Connect and that the blockchain platform has begun to be tested by certain clients, who have executed live interbank transactions.
"This week's announcement is just the first step as we work for the commercial launch of Visa B2B Connect." We are beginning to process bank-to-bank test transactions with selected customers, and more banks, including companies, will soon be coming. "
Kevin Phalen - Head of global solutions, Visa
According to the Visa statement, the banking institutions include Commerce Bank, Shinhan Bank, Union Bank of Philippines and United Overseas, banks from the US, South Korea, the Philippines and Singapore respectively.
"Today, we are pleased to announce our work with innovators from Commerce Bank in the United States, Shinhan Bank in South Korea, Union Bank of Philippines and United Overseas Bank in Singapore.We are starting to process bank-to-bank test transactions with some of these partners, and others will soon, as we prepare for the commercial launch of Visa B2B Connect.
They also indicated that the Visa API is available to their current and future partners, so they can develop their own platforms.
Previously, it was announced in October 2016 the launch of this pilot test of Visa B2B Connect, which was created with the help of Chain (a startup aimed at providing improvements in financial services at the company level) and has been designed to execute cross-border transactions of high transparent, secure and private value between companies, aiming that they can also become effective in real time and improve the visibility of the process.
From Visa have shown interest in this promising technology. Last August it was learned that they were searching for a blockchain engineer, since they aspire to consolidate a department dedicated to the applications of distributed accounting technology in the financial sector.
It highlights the fact that the products and technologies of the Visa International Service Association, which operates Visa, are used by its 21,000 member financial entities, as well as the holders of the cards they offer. Visa's financial services are highly accepted around the world, covering businesses in more than 150 countries.
Together with Visa, one of the leading brands in payment methods, many financial and banking services institutions have been interested in the implementation of blockchain for the optimization of transactions. In fact, there is a conglomerate of these, called R3, from where they have launched the first version of Corda, which bears similarities to Visa B2B Connect, although they will have a private use, both bet on eliminating intermediaries.