Payment technology major Visa has commercially launched its non-card-based payment network, Visa B2B Connect, which allows seamless bank-to-bank cross-border business transactions.
Visa B2B Connect network will enable financial institutions to quickly and safely process high-value corporate cross-border payments across the globe.
The new network will cover over 30 global trade corridors, and plans are underway to expand to more than 90 markets by the end of this year.
Visa B2B Connect is said to remove friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank.
The unique digital identity feature of the network will tokenise an organisation’s sensitive business information such as banking details and account numbers, enabling to provide a unique identifier to facilitate transactions on the network.
According to the company, the Visa B2B Connect’s digital identity feature will revolutionise the way information is exchanged in business-to-business cross-border transactions
Visa B2B Connect will help improve real-time visibility into the status of transaction by reducing multiple handoffs in the payment chain. It is a multilateral network that enables one-to-many global transactions to be sent directly between any participating banks.
A centralized network will help reduce the number of relationships banks need to manage, while clear transaction costs and payment schedules reduce uncertainty of payments.
Bottomline, FIS and IBM are Visa’s partners helping to expand the non-card-based payment network.
Bottomline and FIS will help participating bank clients to access Visa B2B Connect platform. The network, along with Visa’s core assets, uses open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM.
Visa Business Solutions global head and SVP Kevin Phalen said: “Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world.
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”