It aims to do this by using a blockchain-based architecture to add in extra security and easy of use, leaving businesses with one less headache to worry about.
Currently, B2B Connect serves 30 payment corridors, though the company plans to increase the number up to 90 by the end of the year.
The Visa B2B Connect launch will give financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally. Kevin Phalen, global head of Visa Business Solutions, said that the new system will perform transactions between banks directly. "With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data".
From the company they also said that their newly launched distributed ledger software will facilitate direct bank connections.
Built in partnership with IBM using the open source Hyperledger Fabric, Visa's B2B Connect system directly facilitates transactions between banking institutions across borders, removing the intermediary parties in between. Velocity, security and control of transactions, as well as lower counterparty risks are essential for a successful business with global partners.
The payments company has already signed deals with financial services giant FIS and Bottomline Technologies so that it can enter the SWIFT-dominated inter-bank payments market. Unlike most cryptocurrencies, B2B Connect is not decentralized, according to the report. Instead, Visa will count on its experience in complex payments, compliance, and cybersecurity. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. As such, Visa will have access to FIS's client list who can choose to use the Visa B2B Connect for payments.