Prior to its launch in the first quarter of 2019, Visa is adding open-source code from Hyperledger Fabric. Consequently, Visa B2B Connect, a blockchain-based enterprise cross-border payment platform, will partner with software giant IBM. According to Visa B2B, the objective of the partnership is to add IBM’s development to the open-source Hyperledger Fabric framework to its platform.
However, some two years back, Visa reported that the blockchain platform collaborated with startup, Chain Inc. It is worthy to note that Chain Inc. is an alternative payment solution to SWIFT. By the addition of Hyperledger Fabric feature into the Visa’s core assets, it will enhance financial transactions on the network.
Tokenizing Participants’ Data
The service tokenizes the participants’ data. To be more clear, such data includes account numbers and other sensitive information. While at it, the company uses a unique identifier that makes the transaction fast even as it shields such transactions from fraudulent practices. As regarding how transactions perform on B2B Connect end, the transaction goes through the B2B Connect end from the bank of origin. Later, it goes straight to the receiver at the beneficiary bank.
Although a project of Linux Foundation, Hyperledger Fabric is a brainchild of IBM with a New York-based startup, Digital Asset. It was a blockchain framework, which launched its software, the Hyperledger Fabric Version 1.0, in 2017.
The General Manager at IBM Blockchain Services, Jason Kelley, explains further. Kelley notes that the system mirrors the powerful examples of how the blockchain is transforming payments. In early October, the Hyperledger Project partnered with Enterprise Ethereum Alliance (EEA).
Visa Partnership with Bottomline Technologies
Similarly, fintech service provider, Bottomline Technologies, has announced a new move to partner with Visa on the B2B Connect System. According to Bottomline Technologies, the strategic collaboration will enable the two partners to have mutual financial institution clients. The firm notes that with the institutional clients, they would be able to access the system.
President and CEO of Bottomline Technologies, Rob Eberle, said that Bottomline serves 1,200 financial institutions around the world. Eberle added that the corporate clients always look to them to provide value-added, innovative solutions in order to increase their efficiency and simplify their processes.
More on the Partnership
According to Visa’s website, the Visa team previewed the B2B Connect back in 2017. At the initial stage of its test before commercial launch, some financial institutions were selected as the processing payment pilots. These institutions include Union Bank of Philippines, South Korea’s Shinhan Bank, Singapore’s United Overseas Bank, and the U.S. Commerce Bank.
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