Visa has announced new digital identity product details in preparation for a first quarter 2019 launch of Visa B2B Connect.
This distributed ledger-based platform is designed to give financial institutions a simple, fast and secure way to process cross border business-to-business payments globally.
B2B Connect’s digital identity feature tokenises an organisation’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.
“With B2B Connect, we’re developing a new way for businesses to make cross border, high value payments – fixing broken processes and breaking down geographic barriers along the way,” said Kevin Phalen, global head for Visa Business Solutions. “B2B Connect will facilitate payments for financial institutions for a variety of industry verticals, including supply chain, trade, institutional banking and more.”
In preparation for the commercial launch next year, Visa is expanding partnerships to add additional functionality to the platform.
It is integrating open source Hyperledger Fabric framework from the Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable, permissioned network. Building on a 40-year relationship between Visa and IBM, the work will enable mutual institutional clients and build an ecosystem to maximize the network.
“When industry leaders in payments and in financial services technology work together using open source technology, the entire business landscape stands to benefit,” said Jason Kelley, general manager at IBM Blockchain Services.
Last week, Visa stated that it is expanding its Token Service for credential-on-file (COF) token requestors, helping to increase security for consumer payments in digital channels.
Acquirer gateway and technology partners Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Ezidebit, eWAY, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus, SafeCharge, SecureCo, Square, Stripe, Worldpay and YellowPepper will now be able to tokenise COF digital payments on behalf of their merchant and payment clients.
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