Visa teams up with IBM to launch Blockchain based Digital Identity System in Q1 of 2019

Visa, which is one of the most popular financial services firms is putting great efforts to launch a blockchain powered digital identity system which will support cross-border payments. As per the press release, Visa is going to release the new system in Q1 of 2019.

The system is known as B2B Connect, and it will launch a blockchain based digital identity solution for financial firms to securely process cross-border payments.

Visa B2B Connect is a long-time project, as Visa's website shows that it was started way back in 2017.

During the same time, various firms such as US Commerce Bank, the Union Bank of the Philippines, the South Korean Shinhan Bank, and Singapore’s United Overseas Bank were also working with Visa on building the system and testing pilot payments. But now, it is unknown whether Visa has a different purpose for developing B2B Connect system.

How Visa will utilize Blockchain?

Currently, the system will most likely use the tokenization of sensitive information and data such as account numbers and banking details providing them a unique cryptographic identifier which will utilize transactions on the platform.

Kevin Phalen, who is the global head of the Visa Business Solutions said that the system will help to reduce fraud with the use of digital technology.

”B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem,” Phalen said.

He further also mentioned that the forming B2B Connect as providing “a new way for businesses to make cross-border, high-value payments – fixing broken processes and breaking down geographical barriers along the way.”

Also Read: World’s biggest Mining Farm started its operations in Armenia

From a technical point of view, the system will incorporate Hyperledger Fabric framework (hosted by Linux Foundation and developed with the input from IBM) with Visa's “core assets,” which is declared will build a scalable permissioned network for use in the financial sector.

Jason Kelly, who is the General Manager of the IBM Blockchain services, said that”B2B Connect is one of the most powerful examples to date how blockchain is transforming payments.”

Various companies partnering with Visa

IBM and Visa will work jointly to provide their “mutual financial institutional clients and ecosystem to maximize the network.”

Bottomline Technologies, a Fintech provider, which provides services to 1,200 financial institutions as per the release is also joining hands with the Visa on the B2B Connect system, a collaboration which will allow “mutual financial institution clients” to use the system.

Also Read: Security Firm G4S provides secure offline crypto storage vault

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
- Advertisement -

Crypto Nation Pro Review: Profitable Trading App or Scam Platform?

As most of our readers are well aware of, the prices of most popular cryptocurrencies seem to be surging...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Latest News & Updates

Crypto Comeback Pro Review: Safe Auto Crypto Trading Program?

In recent weeks, the crypto market has been surging quite heavily, with Bitcoin recently breaking past the all-important $10k mark. Not only that, with...

Crypto Legacy Pro Review: Legit Trading Bot or Lame Software?

With Bitcoin recently surging past the $10K mark, it seems as though we are finally witnessing the emergence of a new bull market. In...

What is The Wealthy Advisory's Briton Ryle 5G Tollbooth Special Report About?

5G, also referred to as the fifth-generation wireless technology for digital cellular networks, has garnered the attention of many, especially the likes of T-Mobile,...

Will President Trump Buy 5G Companies Nokia and Ericsson in Order to Bring Down Huawei?

US Attorney General William Barr made last week the suggestion that the US acquires Nokia (NASDAK:NOK) and/or Ericsson (NASDAQ: ERIC) in order to compete...

More Articles Like This

OPM Wealth: Inside Look at Other People's Money Business Plan

OPM Wealth is a high ticket sales program known as a digital franchise system focusing on Other People's Money (OPM) designed to bring you...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Ingreso Cybernetico: A Look Inside the New Crypto Business

One of our main objectives in this website is to highly all the possible ways one can earn Bitcoin and crypto now days. While trading...

The Investment of the Decade by Teeka Tiwari: What Is It?

Teeka Tiwari's Investment of the Decade is a new special broadcast of his highly popularly, wildly successful Palm Beach Letter newsletter research program. While there...

Crypto Legacy Pro Review: Legit Trading Bot or Lame Software?

With Bitcoin recently surging past the $10K mark, it seems as though we are finally witnessing the emergence of a new bull market. In...

Crypto Comeback Pro Review: Safe Auto Crypto Trading Program?

In recent weeks, the crypto market has been surging quite heavily, with Bitcoin recently breaking past the all-important $10k mark. Not only that, with...

What is The Wealthy Advisory's Briton Ryle 5G Tollbooth Special Report About?

5G, also referred to as the fifth-generation wireless technology for digital cellular networks, has garnered the attention of many, especially the likes of T-Mobile,...

Louis Navellier's King of 5G “Turbo Button” Technology: What's the Smart Antenna Hype About?

First, Who Is Louis Navellier? Louis Navellier is a legend in the world of investment, best known for trading stocks, his growth-based strategy for investment...