Visa is aiming to make B2B payments simple

(Image credit: Shutterstock.com)
(Image credit: Shutterstock.com)

The world of B2B payments could be about to get a lot simpler for businesses of all sizes thanks to a new release from Visa.

The new Visa B2B Connect network looks to streamline the billions of B2B payments made every day around the world, making it more straightforward to send and receive money.

It aims to do this by using a blockchain-based architecture to add in extra security and easy of use, leaving businesses with one less headache to worry about.

Blockchain

Visa B2B Connect will initially cover more than 30 global trade corridors at launch, and aims to expand to as many as 90 markets by the end of 2019.

The company says it will utilise a non-card infrastructure that incorporaties Linux-based Hyperledger distributive ledger technology. This will use tokens to give each transaction a unique digital identity, offering increased protection and streamlining existing pain points.

“Launching Visa B2B Connect marks an important industry milestone which will accelerate the evolution of how commercial payments move around the world,” said Kevin Phalen, SVP, global head of Visa Business Solutions.

“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.”