2016/10/24 1:14 PM
Visa is working on a blockchain-based solution for cross-border, business-to-business exchange called Visa B2B Connect. Cross-border payments between businesses is a complex market that is fraught with problems but is lucrative nonetheless, a potential that Visa seems eager to tap into.
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Visa Unveils its Collaborative Project
Visa, in collaboration with tech start-up, Chain Inc., unveiled the project on October 21, 2016. Chain, a startup that Visa happens to be an investor in, has also worked with Google, Salesforce, Microsoft, Square, and among others in the past.
Visa B2B Connect seems to be an attempt by Visa and Chain to challenge SWIFT and its large messaging network as the predominant vehicle among banks to move large amounts of money around the globe for their business-oriented customers.
Using Chain’s software implementation of their blockchain protocol, Chain Protocol,…