2016/10/25 8:00 PM
On Sunday afternoon’s lead-off keynote address at the Money 20/20 Conference in Las Vegas, Visa and Chain joined to collectively promote their new, blockchain-inspired payments platform, B2B Connect.
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Visa and Chain Use Blockchain for B2B Transactions
Leveraging benefits from shared infrastructural ledger technology, including global scale, transparency, and cryptographically-backed security, the Visa B2B Connect product is built on Chain’s proprietary Chain Core software. The product will go live with a pilot in early 2017, though successful tests have already been conducted.
Vicky Bindra, Global Head of Products and Solutions at Visa, began by telling the story of how international payments today are rather clumsy. The compartmentalized nature of payment systems makes it difficult to identify when payments arrive at corresponding banks.
Traditionally, payment systems need to…