Global Payments Company Visa has started the pilot phase of B2B Connect, a blockchain-based payments service catered towards the business to business segment.
With B2B Connect, Visa’s aim is to make cross borders fast and efficient. By efficient, it means facilitating direct payments without the need for a middleman. This is made possible by making the transactions on the blockchain. Visa also ensures the new payment will offer secure and transparent payments.
A number of banks are already onboard the B2B Connect System. Among them is South Korea’s Shinhan Bank. Singapore’s United Overseas Bank, and the Philippines’ Union Bank. (Read: PH and SG Central Banks announce Fintech Partnership).
After this pilot phase is the commercial release which Visa aims to launch by mid-2018.
B2B Connect is created by Visa in partnership with Chain, which designs financial services in the blockchain.
B2B Connect was announced during the Singapore Fintech Festival. Recently, American Express also unveiled their own B2B payment platform in the west. B2B Connect will be trialed in Singapore first.