Visa B2B Connect, the payment giant’s enterprise blockchain platform that enables cross-border payments between businesses, is partnering IBM to integrate the latter’s development of the open-source Hyperledger Fabric framework.
As reported nearly two years ago to the day, Visa first announced the blockchain platform co-developed with blockchain industry startup chain Inc.., as an alternative solution to global payments rail SWIFT for making large payments between businesses across borders.
The service tokenizes a participant’s information including account numbers and other sensitive data with a unique identifier to facilitate faster transactions susceptible to fewer fraud. Fundamentally, cross-border corporate transactions sent through B2B Connect are processed from the bank of origin directly to the receiver at the beneficiary bank.
Integrating Open-Source Blockchain Tech
Hosted by the Linux Foundation, the Hyperledger Fabric was first developed by IBM and New York-based industry startup Digital Asset as a blockchain framework and formally released its production-ready software, the Hyperledger Fabric 1.0, last year.
Including the Hyperledger Fabric’s functionality into Visa’s core assets’ will help improve and facilitate financial transactions on a scalable permissioned network to ensure “a frictionless cross-border payment experience with utmost security, trust and transparency,” Visa said in a press release on Monday…