XRP Challenger? Visa Plans To Revolutionize Cross-Border Payments With Blockchain Platform
Ripple and XRP have been enjoying enhanced recognition, and more and more financial entities are using Ripple’s products for cross-border payments.
As we’ve already reported, Ripple has been working really hard to eliminate the flaws of the traditional payments system SWIFT which, although has been used by banks and financial institutions by decades, it was not able to keep up with the tech innovation.
Ripple, on the other hand, facilitates cheap, almost instant and highly secure cross-border payments.
Visa introduces B2B Connect
Visa comes into the space with B2B Connect which is a blockchain-based platform that will allow clients to make cross-border payments.
They are practically entering a new payment flow that has never been touched in the past.
Kevin Phalen, global head of Visa Business Solutions, the platform is a milestone for the company.
“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.”
Starting today, our bank clients in over 30 markets around the world will have access to Visa B2B Connect to quickly and simply make B2B payments internationally. https://t.co/Apc1j8yDDN pic.twitter.com/j6rEYW4ha1
— VisaNews (@VisaNews) June 11, 2019
Visa lays the foundation for transforming cross-border payments
“We’re entering into a new payment flow that Visa has never touched in the past. We’ve always been a card-based network. In this case, we’ve built a new high-value, cross-border payment network that our financial institutions can utilize for making their payments around the globe.”
Visa B2B Connect uses tokens on IBM Blockchain in order to facilitate transactions from the bank of origin straight to the beneficiary bank, as reported by The Daily Hodl.
“Visa B2B Connect’s digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.”
Visa can reportedly handle more than 65,000 transaction messages a second.
Sam Hamilton, senior vice president of data product development at Visa said that “This lays the foundation for a service with the potential to transform cross-border payments.”
Well, this might be indeed a serious Ripple competitor.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.