The patent filed in November 2019 said this invention will bridge the advantages of cryptocurrency to fiat currency provided by central banks.
FastSend allows MoneyGram customers to send money to a phone number in real-time via a website or a mobile app. The service is using Visa’s “Direct Original Credit Transaction” so that the funds are delivered to a bank account through a debit card deposit.
Two of the world’s biggest payment technology companies are now expanding the use of blockchain technology within its current systems.
Visa and UnionBank announced a partnership to create a cross-border payments system built on the blockchain, the technology behind bitcoin.
A number of banks are already onboard the B2B Connect System. Among them is Singapore’s United Overseas Bank, and the Philippines’ Union Bank.