Visa, the global credit card giant, has launched the first pilot phase of its B2B B2B B2B payments service.
First announced last year, Visa plans to use the platform to facilitate cross-border payments by facilitating direct payments between institutions, removing the intermediary on which the industry currently depends. The platform – developed with the help of the blockchain starter chain – is also designed to ensure secure, but transparent payments between businesses.
The people who are already working with Visa on the project are the US-based Bank of Commerce, Shinhan Bank of South Korea, Union Bank of Philippines and United Overseas Bank, based in Singapore.
Kevin Phalen, Global Director of Visa Solutions, told CoinDesk that banks are testing live banking transactions on the platform.
Following this first phase of the project, Phase 2 will see the launch of the project at a commercial launch, scheduled for mid-2018, he added.
“This week’s announcement is just the first step towards a commercial launch of Visa B2B Connect and we are starting to process bank-to-bank test transactions with selected customers, and other banks, including businesses. , will follow soon.
Existing Visa partners, as well as future ones, can use the company’s application programming interface (API) to create their own platforms, according to a press release.