Visa to push DLT-based platform for international corporate payments

Visa’s distributed ledger-based, non-card platform for high-value corporate, cross-border payments will now be offered to FIS client bank. „Its unique distributed-ledger based architecture enables significantly shorter transaction times, from weeks to one-to-two days.”, according to the press release.

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.”, finextra said.

Through this relationship, FIS is integrating its solution with Visa B2B Connect to enable FIS and Visa’s mutual bank clients to send their corporate client’s B2B payments directly to and from another participating bank, removing friction associated with multiple intermediaries for any given business-to-business (B2B) transaction.

To help its participating client banks begin transacting on the Visa B2B Connect platform quickly, FIS created a custom integration module, significantly reducing the need for clients to perform technology updates to their existing systems. This will help financial institutions around the world quickly access the platform and begin to manage high-value cross-border payments on behalf of their corporate clients. By working together, Visa and FIS are laying the foundation for frictionless and global commercial payments.

Kevin Phalen, global head, Visa Business Solutions, Visa, says: „We are excited to continue building momentum for Visa B2B Connect and to bring speed, efficiency and transparency to our financial institution clients through our partners, like FIS, who help make transacting on our platform more accessible and seamless.”