Visa is partnership with Chain to launch a new business-to-business (B2B) payments platform using blockchain technology.
The new platform, Visa B2B Connect, will be built using Chain Core, an enterprise blockchain infrastructure that is designed to facilitate financial transactions on scalable, private blockchain networks.
The plan is for Visa to use this technology to develop a near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients.
The platform will be managed by Visa end-to-end and the firm says it will facilitate a consistent process to manage settlement through Visa’s standard practices.
It's nice to know that P&L's managing editor is not the only one who needs to get stuff off his chest, deputy editor Galen Stops has real blockchain fatigue, and it's hard not to agree with him. Is blockchain a solution looking for a problem? Well not exactly, it's a fascinating development that is probably going to have a long and lasting impact on the financial services industry, but just for now, can't we just talk about something else until something tangible happens?