Visa launched a pilot version of the payment blockchain-platform

The world's largest operator of payment cards Visa announced the launch of a pilot version of the payment service for the project B2B Connect, based on the technology of blockchain. The platform was announced by Visa last year and is intended to simplify cross-border payments through direct transfers between participants, excluding intermediaries. Security and transparency of payments are provided through distributed registry technology (DLT).

The project is being carried out by the compatriots from the Commerce Bank, the Philippine Union Bank, the South Korean Shinhan Bank and United Overseas Bank, headquartered in Singapore, along with the American company. According to the global solutions director Kevin Phalen, banks are already conducting trial transactions on the platform. 

Phalen explained:

"This week's announcement is just the first step as we work towards a commercial launch of Visa B2B Connect. We are beginning to process bank-to-bank test transactions with select clients. Additional banks, including corporates, will follow soon."

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Visa's existing partners, as well as future ones, can utilize the company's application programming interface (API) to create their own platforms, according to a press release.