Payment giant Visa announced the launch of corporate B2B network Connect based on the blockchain. The project will implement a system of making payments without involvement of intermediaries. Relevant information was published by Reuters .
How will the Visa system?
Leveraging the blockchain will be implemented in the framework of B2B Connect, a network for cross-border payments. The main direction of its work – payments between financial institutions. Withdrawal from mediation will allow the project to significantly reduce the total cost of the transactions.
Currently B2B Connect serves more than 30 payment channels. By the end of 2019 the number could rise to 90.
The involvement of the B2B Connect is especially important for small financial institutions. With the help of the company will be able to refuse forced treatment of large banks, taking part of the profits (for mediation). In addition, the transition to work with bloccano can positively affect the speed of operations in the system.
The technical structure of B2B Connect was conducted over two years. The possibility of offering the outcome of the project companies may have a positive effect on the level of loyalty of users to work with financial institutions. The formation of technical solutions based on the blockchain by Visa also helps to increase demand for the company.
The possibilities of the blockchain can be in demand not only in the financial environment. An example was the involvement of the
technologies for elimination of consequences of natural disasters.