Re: Visa Launches First Phase of Blockchain B2B Payments System
Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform developed with the assistance of blockchain startup Chain is also designed to ensure secure, yet transparent payments between enterprises.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform developed with the assistance of blockchain startup Chain is also designed to ensure secure, yet transparent payments between enterprises.
If the application of Blockchain cuts out the middle man, what is Visa doing here?
In this case, I suspect that blockchain is just used to improve efficiency and increase Visa's margins. They establishment is trying to co-opt blockchain here.