Visa looks to take on Swift with cross-border payments platform
(25 April 2019 – Global) Visa has partnered with FIS to roll out its Visa B2B Connect platform – a distributed ledger based cross border payments network - to client banks.
Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.
Now, the card giant is ready to start taking on the likes of Swift and Ripple by pushing the platform to banks.
FIS is integrating its technology with Visa B2B Connect to enable mutual bank clients to send their corporate clients' B2B payments directly to and from another participating bank, removing the friction associated with multiple intermediaries.
To encourage uptake, FIS has built a custom integration module that cuts the need for banks to carry out tech updates to their systems before using the Visa platform.
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