Visa launches blockchain solution for cross-border payments

The firm that is recognized for offering credit cards, debit cards and electronic transfers of assets around the world finally launched a blockchain solution for faster cross-border transfers.

In this way, Visa will challenge competitors such as Ripple, which already offers the fastest solution on the market. Visa is employing Hyperledger Fabric developed by a group led by the Linux Foundation.

The new tool is called Visa B2B Connect Network and covers 30 commercial brokers worldwide, with 90 markets planned for the end of the year. The purpose of the network is to simplify international payments by allowing the transactions of companies directly from their bank to the beneficiary without intermediaries.

This measure will represent a greater growth for the adoption of Visa and distributed technology. Undoubtedly, the company takes steps in the right direction to maintain market dominance of the new players in the cryptographic ecosystem.

For his part, Kevin Phalen global head of Visa Business Solutions said: “By creating a solution that facilitates direct transactions from bank to bank we are eliminating the frictions associated with the key points of the industry.”

L.Sáenz

Source: Criptoinforme