Visa Goes Blockchain – Introduces International B2B Payment Solution With Blockchain Startup Chain

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Visa has just  announced a preview of Visa B2B Connect, a new platform that Visa is developing with Blockchain startup Chain  to give financial institutions a simple, fast and secure way to process business-to-business payments globally.

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Visa is working to build Visa B2B Connect using Chain Core, an enterprise Blockchain infrastructure that facilitates financial transactions on scalable, private Blockchain networks. Building on this technology, Visa is developing a new near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients. Managed by Visa end-to-end, Visa B2B Connect will facilitate a consistent process to manage settlement through Visa’s standard practices.

“The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa Inc. “We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world.”

“This is an exciting milestone in our partnership with Visa,” said Adam Ludwin, chief executive officer of Chain. “We are privileged to support Visa’s efforts to enhance the service it provides to its clients and shape the future of international commerce with this Blockchain-enabled innovation – streamlining business payments among financial institutions and their customers around the world.”

With Visa B2B Connect, Visa aims to significantly improve the way international B2B payments are made today by offering clear costs, improved delivery time and visibility into the transaction process – ultimately reducing the investment and resources required by banks and their corporate clients to send and receive business payments.

Visa B2B Connect, which Visa plans to pilot in 2017, is designed to improve B2B payments by providing a system that is:

  • Predictable and transparent: Banks and their corporate clients receive near real-time notification and finality of payment
  • Secure: Signed and cryptographically linked transactions are designed to ensure an immutable system of record
  • Trusted: All parties in the network are known participants on a permissioned private Blockchain architecture that is operated by Visa

 

For more information, please contact [email protected].

Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Chain (www.chain.com) is a technology company that partners with leading organizations to build, deploy, and operate Blockchain networks that enable breakthrough financial products and services. Chain is the author of the Chain Protocol, which powers the award-winning Chain Core Blockchain platform. Chain was founded in 2014 and has raised over $40 million in funding from Khosla Ventures, RRE Ventures, and strategic partners including Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa. Chain is headquartered in San Francisco, CA.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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