Visa announced new product details surrounding digital identity in preparation for a first quarter 2019 launch of Visa B2B Connect. This one-of-a-kind distributed ledger-based platform is designed to give financial institutions a simple, fast, and secure way to process cross border business-to-business payments globally.
“With B2B Connect, we are developing a new way for businesses to make cross border, high value payments –fixing broken processes and breaking down geographic barriers along the way,” said Kevin Phalen, global head of Visa Business Solutions.
“B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking and more,” he added.
B2B Connect’s digital identity feature tokenises an organisation’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the platform. Encompassing safety, security, and governance all in one solution, B2B Connect’s digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.
In preparation for the commercial launch next year, Visa is expanding partnerships to add additional functionality to the B2B Connect platform.
As part of the B2B Connect platform, Visa is integrating open source hyper ledger fabric framework from the Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable and permissioned network. The work between Visa and IBM will enable our mutual financial institutional clients and ecosystem to maximise the network.