Visa Inc partners with Chain over blockchain-based payments

21 October 2016

According to the latest reports Visa in partnership with Chain are planning to launch a B2B payment platform powered by the blockchain technology named Visa B2B Connect. Companies in the financial industry will get access to the safe and prompt B2B payment processing. The new service will be using Chain Core performing the transactions in the private blockchain network environment.

In the report the companies say that Visa B2B Connect is designed to feature enhanced accuracy in costing, quick speeds in transaction processing and transparency of operations cutting the costs of the deals between the banks and corporate clients. The platform on the basis of blockchain will provide high security of transactions cryptographically encrypting, signing and recording them.

An executive for the partnership and innovations of Visa Inc noted that it is high time for the businesses to benefit from the new technologies in the payment space improving the transaction process. He added that Visa makes its efforts to design the platform ensuring transparent and effective payments worldwide.

CEO of Chain stated that the partnership with Visa brings further improvements for the financial services to the clients contributing to the future of commercial relationship on the basis of blockchain technologies increasing the level of business payment quality and efficiency.

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