For their clients, Visa will provide “digital identification”
As partners, Visa chose IBM and Bottomline.
Visa Inc. told new details about its product. The company will create the first distribution accounting platform so that financial institutions can get a simple and fast way to process all international payments.
According to Kevin Phalen, B2B Connect will make payments for various industries, including the supply chain, trade, banking services and other. The technology aims to remove all barriers to cross-border payments.
B2B Connect will assign all confidential banking information, such as account details and account numbers, to a unique identifier. It, in turn, will help to simplify transactions. B2B Connect will significantly reduce fraud, as well as help financial companies remain compatible parts of the regulated financial ecosystem.
To diversify the capabilities of its program, B2B Connect Visa will expand partnerships. An open source Hyperledger Fabric infrastructure will be added to the platform. In the future, this will facilitate financial transactions.
Collaboration with IBM will allow customers to maximize their network and financial institutions.
Leading developer of financial technology Bottomline Technologies will help to make simple and secure even the most complex business payments. They want to be the first to integrate their solution in B2B Connect.
The main goal of a B2B Connect Visa is to make every transaction quick and easy. All transactions will occur from the sender’s bank directly to the recipient’s bank.