The giant credit card company, Visa has announced the first pilot phase of its business-to-business payments service, based on blockchain, B2B Connect.
Following an announcement last year, Visa plans to use the platform to facilitate cross-border payments, such as direct payments between institutions, eliminating the broker in which the industry currently operates. The platform - developed with the help of the Startup Chain - is also designed to ensure secure and transparent cross-company payments.
It is already working with Visa on the project: Commerce Bank, Shinhan Bank of South Korea, Union Bank of Philippines and United Overseas Bank, based in Singapore.