Payment processing giant, Visa, launched a business-to-business platform to enhance the efficiency of cross-border transactions for smaller financial institutions. Traditionally, smaller institutions have had to rely on the services of larger intermediary banks, causing potential delays and high fees.
Visa B2B Connect, as it is called, is built on the Hyperledger Fabric blockchain software from IBM and Linux. The company developed a blockchain-based solution to increase transparency and traceability, although obviously, the platform is not decentralized.
B2B Connect facilitates direct bank connections, with payment fees indicated up front. It currently has 30 payment corridors but plans to increase this to 90 by the end of the year.
Visa says that B2B Connect transactions will settle quicker, in one to two days.