VISA launches Hyperledger network for faster payments

12 Jun, 2019
by Ryan Boltman
News
VISA launches Hyperledger network for faster payments

Financial services corporation VISA has announced it's latest blockchain offering to offer faster cross-border payments.

Visa, which is well known for offering credit cards, debit cards, and electronic funds transfers across the world, has finally launched a blockchain solution for faster cross-border payments reports Reuters.

Visa will look to challenge the likes of up-and-coming competitors such as Ripple, who already offer the fastest cross-border solution on the market. Visa is making use of Hyperledger Fabric developed by a group led by the Linux Foundation. The system is called Visa B2B Connect Network, and covers 30 trade corridors globally at present, with 90 markets expected by the end of the year. The goal of the network is to simplify international payments by enabling transactions by businesses directly from their bank to the beneficiary bank, according to Visa.

Global head of Visa Business Solutions, Kevin Phalen commented on the announcement, saying "By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points"

The move should see further growth for Visa and blockchain adoption, with Visa taking steps in the right direction to maintain market dominance from new players in the industry.

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