Visa Integrating Open-Source Blockchain Tech for B2B Payment

0
1458

Including the Hyperledger Fabric’s functionality into Visa’s core assets’ will help improve and facilitate financial transactions

Visa is partnering with IBM to integrate Hyperledger Fabric framework for B2B bockchain payments, and this servie will be introduced in the first quarter of 2019.
Tokenizatio process will be followed in this service to send a participant’s information including account numbers and other sensitive data with a unique identifier to facilitate faster transactions susceptible to fewer fraud. Fundamentally, cross-border corporate transactions sent through B2B Connect are processed from the bank of origin directly to the receiver at the beneficiary bank.

Integrating Open-Source Blockchain Tech

Hosted by the Linux Foundation, the Hyperledger Fabric was first developed by IBM and New York-based industry startup Digital Asset as a blockchain framework and formally released its production-ready software, the Hyperledger Fabric 1.0, last year.

Including the Hyperledger Fabric’s functionality into Visa’s core assets’ will help improve and facilitate financial transactions on a scalable permissioned network to ensure “a frictionless cross-border payment experience with utmost security, trust and transparency,” Visa said.

IBM Blockchain Services general manager Jason Kelley said – “IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here