Re: Visa Launches First Phase of Blockchain B2B Payments System
Glad they are getting their hands into it. Hopefully this would eventually extend to non-business clients and would reduce fees. Not necessarily and endorsement of bitcoins, just pointing that out those who say it would, but still a good step forward for the banking industry.
They actually don't have any plans about bitcoins.They are just using the blockchain as a model, in reality from what I've read it has very little in common with the blockchain as we know it.
No constant blocks mined, just transactions recorded on top of the others and verified by a central database, a more advance type of balance guaranteed swap.
Well, this is to handle fiat anyway so I don't think they needed to mine anything, ahaha.
If they'll do it to somehow spread the records of transactions then that might be good so that date don't get entirely wiped out during system failures.But yeah, was a bit tad too optimistic about the fees, hehe.
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.
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.
Hmm, Union Bank. That's kinda one of the smaller banks here in the Philippines. Could be the reason why they were enthusiastic to join this pilot program.