Visa has launched a pilot version of blockchain-based payment system
Singapore FinTech Festival featured a game-changing presentation from Visa, presenting an international blockchain-based payment system called B2B Connect. The technology is aimed at processing transactions of corporate partners located in different companies.
Whereas everyone predict the departure of global payment systems and their replacement with blockchain, those companies don’t hustle to recede into the past but master innovative technologies. Early in November, Visa participated in Singapore FinTech Festival, showcasing a pilot project B2B Connect to handle international В2В transfers.
The company announced the service back in late 2016. It was developed for settlements with contractors of companies located in other companies and was intended to simplify those transfers by leveling out the role of intermediaries and reducing transaction costs. According to the developers, the service is reliable and transactions are well-protected against fraudsters.
Currently, Visa has already launched a cryptocurrency card for residents of Singapore. The project’s team explains that the launch was preceded with a year of strenuous work with blockchain startups and banks from different countries of the world. One of Visa’s partners in the project is United Overseas Bank (Singapore).
Today some of the banks that participate in the project are already processing test transactions in the B2B Connect system.