The latest innovation in the field of blockchain has been released by the global payment solutions company, Visa. The company already boasts a large portion of the global credit and debit card users, and is now trying to innovate to decrease costs and improve the processing speed of transactions.
Visa introduced their plans to develop a B2B blockchain-based system last year. Currently, they are in the first stages of the release.
The new system will allow Visa to effectively bypass the middlemen currently used to carry out transactions. The B2B system will allow businesses to easily perform transactions between their international branches without having to incur excessive transaction costs, or the extraneous time that usually takes to process the payment.
The below figure describes how the new system is designed to remove the middleman and increase the efficiency of Visa transactions.
The system is currently being developed with the collaboration of the Chinese blockchain startup, Chain, with the goal of providing safe, secure, and transparent payment between enterprises.
US-based Commerce Bank, South Korea’s Shinhan Bank, Union Bank of Philippines, and the United Overseas Bank in Singapore, are also some of the collaborators of the new Visa program.
The launch of the pilot program has been announced ahead of the Fintech Festival in Singapore, which is carried out every year. The Festival brings together financial technology companies from all over the world and inspires them to come up with new methods to revolutionize the global payment industry.
Visa's pilot program will provide developers with the opportunity to use Visa’s API to develop their own solutions that will be able to quickly scale up in multiple markets. Keeping this in mind, Visa states that it has developed its B2B system while keeping an “API-first” approach.
Visa is just one of the fintech companies that is utilizing blockchain-based approaches to develop new technologies in the global payment markets. The impact of blockchain technology is slowly but steadily revolutionizing almost all industries in the global market.
Visa introduced their plans to develop a B2B blockchain-based system last year. Currently, they are in the first stages of the release.
The new system will allow Visa to effectively bypass the middlemen currently used to carry out transactions. The B2B system will allow businesses to easily perform transactions between their international branches without having to incur excessive transaction costs, or the extraneous time that usually takes to process the payment.
The below figure describes how the new system is designed to remove the middleman and increase the efficiency of Visa transactions.
The system is currently being developed with the collaboration of the Chinese blockchain startup, Chain, with the goal of providing safe, secure, and transparent payment between enterprises.
US-based Commerce Bank, South Korea’s Shinhan Bank, Union Bank of Philippines, and the United Overseas Bank in Singapore, are also some of the collaborators of the new Visa program.
The launch of the pilot program has been announced ahead of the Fintech Festival in Singapore, which is carried out every year. The Festival brings together financial technology companies from all over the world and inspires them to come up with new methods to revolutionize the global payment industry.
Visa's pilot program will provide developers with the opportunity to use Visa’s API to develop their own solutions that will be able to quickly scale up in multiple markets. Keeping this in mind, Visa states that it has developed its B2B system while keeping an “API-first” approach.
Visa is just one of the fintech companies that is utilizing blockchain-based approaches to develop new technologies in the global payment markets. The impact of blockchain technology is slowly but steadily revolutionizing almost all industries in the global market.