Visa has officially launched B2B Connect, its distributed ledger-based, non-card platform for high-value corporate, cross-border payments.
Now, the platform is live, covering more than 30 global trade corridors, with the goal of expanding into as many as 90 markets by the end of the year.
Visa has inked deals with FIS and Bottomline Technologies to bring the platform to bank clients as it seeks to take on interbank funds transfer network Swift and other emerging challengers such as Ripple.
Kevin Phalen, SVP, global head, Visa Business Solutions, says: “By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points. With Visa B2B Connect, we are making payments quicker and simpler, while enhancing transparency and consistency of data.”
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