Visa testing B2B Connect platform for cross-border banking
With the world’s largest FinTech event having taken place in Singapore last week, Visa captured significant attention as it announced that it has partnered up with a number of leading banks to test its business-to-business (B2B) payment space.
“Today, we are excited to announce our work with innovators from Commerce Bank in the United States, Shinhan Bank in South Korea, Union Bank of Philippines and United Overseas Bank in Singapore,” Visa said. “We are beginning to process bank to-bank test transactions with a few of these partners, with others to follow soon, as we gear up for the commercial launch of Visa B2B Connect.”
The platform named Visa B2B Connect aims to give financial institutions a secure, efficient and reliable way to process corporate cross-border transactions.
Using blockchain technology, the platform simplifies these processes by sending the transactions over Visa’s network, direct from the bank of origin to the recipient.
“In a world of increasing global interconnectedness, the ability to make and receive payments quickly and transparently is critical for companies of all sizes,” said Chris Weidenmann, Vice President of Commercial Payments and Products at Commerce Bank. “Commerce Bank is dedicated to delivering new and innovative solutions for our customers and, through our powerful relationship with Visa, we are excited to be participating in the Visa B2B Connect pilot.”
Should testing prove to be successful, Visa B2B Connect should be set for launch in mid-2018.