Visa announced today that it is entering the $125 trillion money-transferring market and using blockchain technology to do so. Its new product, Visa B2B Connect, is newly launched and allows businesses to transfer money across the globe faster and safer.
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Visa B2B Connect
The company has its sights set on cross-border, business-to-business (B2B) transactions, where banks transfer money on behalf of corporate customers. The global money behemoth is using blockchain in order to make these payments faster, cheaper, and more transparent.
Its newly launched distributed-ledger called B2B Connect looks after direct bank connections. The benefits of the ledger mean that financial institutions can see payment fees upfront and transactions are settled quicker, in as little as one to two days.