Visa says it is everywhere you want to be. So it’s readying its blockchain-based digital identity system for your business’ cross-border payments.
The system, called B2B Connect, will be launched in the first quarter of 2019, according to Visa’s press release. Considering its CEO said as recently as September that blockchain “wasn’t a good technology” for the company at that time, that’s pretty fast.
“With B2B Connect, we’re developing a new way for businesses to make cross-border, high-value payments,” said Kevin Phalen, global head, Visa Business Solutions, in the release. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals including supply chain, trade, institutional banking and more.”
B2B Connect’s digital identity feature tokenizes an organization’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the platform, the company said.