The world is quickly turning to blockchain, including big corporations such as Master Card and Facebook. Visa, one of the largest payment providers out there, has also jumped the bandwagon and is now offering a blockchain-based payment system for B2B transactions.
Named Visa B2B Connect, the system offers cross-border processing and only caters to institutional clients. It removes the need to handle intermediaries, making payments more fluid and affordable.
However, since Visa isn’t the only company doing so, it will face tough competition from other industry giants like Barclays, BNY Mellon, and Ripple.
Visa B2B Connect – What to Expect
Visa has been planning to launch a blockchain-based network for a while now. In fact, the company announced its intention to enter the blockchain industry in 2016.
It joined hands with Chain, a blockchain startup, to come up with a new network. The 2016 press release read:
“Visa is working with Chain to build Visa B2B Connect using Chain Core, an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks.”
Originally intended to launch in 2017, the program got delayed due to complications and new partnerships. Visa ditched Chain and joined hands with other big names including IBM, Bottomline Technologies, and FIS. The new partnership worked, and Visa is finally out with its own payment service. The company promises to offer real-time settlements, making it a good option for businesses.
Available in 0ver 30 markets, the service is expected to reach 90 countries by the end of the year. It’s believed to be faster, more reliable, and highly secure.
The official statement from the company read:
“Security gets a boost too, thanks to Visa B2B Connect’s digital identity feature, which tokenizes a corporation’s sensitive business information, such as banking details and account numbers, with a unique identifier to facilitate transactions on the network.”
How The System Works
It’s a non-card-based network consisting of participating banks and companies. Businesses can use the system to complete transactions with each other without requiring a third-party.
As traditional transactions include about three intermediaries, the product ‘s potential is evident. This adds up to the total cost and delays the transfer, making it challenging to manage transactions.
Most international transactions can take up to 48 hours and even more in some cases. Visa B2B Connect promises to end this problem, but it will face stiff competition.
Nonetheless, this is an indication that giants are adopting the blockchain technology and exploring its numerous applications.
Related article:
Excellent read, I just passed this onto a friend who was doing some research on that. And he actually bought me lunch as I found it for him smile So let me rephrase that: Thank you for lunch!
okmark your weblog and check again here frequently. I’m quite certain I?ll learn many new stuff right here! Good luck for the next!
Itís difficult to find well-informed people for this topic, however, you sound like you know what youíre talking about! Thanks
Aw, this was a very good post. Spending some time and actual effort to generate a good articleÖ but what can I sayÖ I procrastinate a lot and never manage to get anything done.
Valuable information. Lucky me I found your web site by accident, and I am shocked why this accident did not happened earlier! I bookmarked it.
Thanks for your posting. Another factor is that being photographer consists of not only difficulty in taking award-winning photographs but additionally hardships in getting the best digital camera suited to your needs and most especially issues in maintaining the quality of your camera. That is very genuine and obvious for those photography fans that are in capturing the nature’s exciting scenes — the mountains, the forests, the wild and the seas. Going to these daring places surely requires a photographic camera that can surpass the wild’s nasty natural environment.
Hi, i feel that i noticed you visited my weblog so i came to ?return the favor?.I’m attempting to in finding things to improve my website!I guess its adequate to make use of some of your ideas!!
Slots Kingdom was first established as an online casino in 2018. Since its release, it has built up a decent following. This is down to two main reasons: its selection of slots and its many bonuses and promotions. In this kingdom, slots are the royal family. With this niche gaming focus, slots fans will be very impressed with this casino. Check out our Slots Kingdom review 2023 to find out all you need to know. Quick review of Casino Kingdom, including ratings of their games, bonuses, banking and customer support The Casino Kingdom initially got established the year 2002 & already make a name for itself across the sector. The Casino Kingdom claims almost two years’ experience & has made efforts to prove itself the best gaming platform for online bettors. Although it is an option, you don’t have to download any software to access the games at Casino Kingdom. Kiwi players can simply go online from their computer or mobile device, create an account, and get instant access to their favourite casino games.
https://nerdgaming.science/wiki/Casino_sieger_no_deposit_bonus
Bovegas casino Welcome Bonus pack. Your first three deposits will be matched with up to 300% extra! Big jackpots and best casino slots from Bovegas. BoVegas Casino is giving away 300% Welcome Bonus Bonus … In this BoVegas casino review, we are going to take a close look at this operator, which was established in 2016, to ensure that this is a casino that we can recommend to our readers. Bovegas casino Welcome Bonus pack. Your first three deposits will be matched with up to 300% extra! Big jackpots and best casino slots from Bovegas. Bovegas casino Welcome Bonus pack. Your first three deposits will be matched with up to 300% extra! Big jackpots and best casino slots from Bovegas. BoVegas Casino No Deposit Bonus € $50 receiving Conditions:
This game is a better version of Wolf Gold which I think also a good game. In Wolf Gold in order to trigger the jackpot prize bonus feature, 6 or more money spheres are required but Mustang Gold only require at least 1 but the collect symbol on the last reel is required. The game pays not that well but in the free spins… In terms of jackpots, a mini-game can be played, which allows you to match a combination of 3 symbols, and gets you a prize. To get free spins, collect 3 campfire symbols. When you get this lucky combination, you’ll receive 8 free spins. The maximum win being 100 your bet to the minimum of 50x your bet. Overall, Mustang Gold is one game that you should not ignore. It oozes character and the attention to detail is excellent. There is a lot of entertainment value to be had in Mustang Gold and we believe that anyone can have a great time with this slot.
http://www.hsfarm.co.kr/bbs/board.php?bo_table=free&wr_id=31718
There are many slot game apps on the Google Store, but not all of them allow you to play offline. These are some of the options that do. They’re free to download and free to play. Most real money slots sites allow you to try out their slot machine games in demo mode and play for free. So, in that sense, you can test the waters for free and decide for yourself if you like the game enough to place some real money bets. Terms and Privacy Copyright Dispute Policy EU Privacy Zumania is a content-driven all-in-one gaming platform that offers a unique gaming experience through its three-dimensional gameplay of map & level, bonus games, and storyline. Players can challenge themselves with daily-changing maps and unlock bonus games by playing through the levels. With its focus on high-quality content, Zumania is a must-try for gamers who seek fun and entertainment. Available on Android and iOS, download now and join our community of players.
I love what you guys tend to be up too. This kind of clever work and coverage!Keep up the superb works guys I’ve added you guys to blogroll.