Visa B2B Connect Launches Globally
June 11 2019 - 7:00AM
Business Wire
First of its kind cross-border B2B payments
network streamlines payments and delivers rich set of data for
financial institutions and their corporate clients
Visa Inc. (NYSE:V) today announced the commercial launch of the
Visa B2B Connect network, giving financial institutions an ability
to quickly and securely process high-value corporate cross-border
payments globally.1 The Visa B2B Connect launch will cover more
than 30 global trade corridors, with an aim to expand to as many as
90 markets by end of 2019.
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the full release here:
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Visa B2B Connect (Graphic: Business
Wire)
“Launching Visa B2B Connect marks an important industry
milestone which will accelerate the evolution of how commercial
payments move around the world,” said Kevin Phalen, SVP, global
head of Visa Business Solutions. “By creating a solution that
facilitates direct, bank to bank transactions, we are eliminating
friction associated with key industry pain points. With Visa B2B
Connect, we are making payments quicker and simpler, while
enhancing transparency and consistency of data.”
Visa B2B Connect removes friction and time spent on cross-border
corporate transactions by facilitating transactions from the bank
of origin directly to the beneficiary bank. The network’s unique
digital identity feature tokenizes an organization’s sensitive
business information, such as banking details and account numbers,
giving them a unique identifier that can be used to facilitate
transactions on the network. Visa B2B Connect’s digital identity
feature will transform the way information is exchanged in
business-to-business cross-border transactions.
“It’s exciting to see the hard work of the combined teams come
together for the commercial launch of Visa B2B Connect. Having
participated in the pilot program, Commerce Bank is excited to see
how this innovative solution will change the way cross-border
payments are made, while increasing the speed and transparency for
businesses around the world,” said Brian Gordon, SVP International
Payments and Trade, Commerce Bank.
“As a pilot participant, we are excited about the Visa B2B
Connect launch. This modern way of carrying out cross-border B2B
payments will create a substantial added value for our corporate
clients. Velocity, security and control of transactions, as well as
lower counterparty risks are essential for a successful business
with international partners,” said Alessandro Seralvo, director
Cornèrcard & executive vice president Cornèr Bank.
Partners, including Bottomline, FIS and IBM are integral parts
of the future scale of Visa B2B Connect. Bottomline and FIS are
bringing Visa B2B Connect platform access to its participating bank
clients. Along with Visa’s core assets, Visa B2B Connect utilizes
open source Hyperledger Fabric framework from the Linux Foundation,
in partnership with IBM. This helps provide an improved process to
facilitate financial transactions on a scalable, permissioned
network.
“Bottomline is delighted to be working with Visa to accelerate
the adoption of innovative ways for businesses to make faster
cross-border payments,” said Rob Eberle, president & CEO,
Bottomline. “Our ability to provide our mutual financial
institution clients globally with access to Visa B2B Connect will
help these banks to continue to deliver differentiated payment
capabilities to their corporate customers.”
“Enabling modernization for financial institutions across all
payments systems is a key tenet of FIS’ global strategy, and we’re
glad to be amongst Visa’s first partners to bring Visa B2B Connect
platform access to our mutual clients at scale,” said Raja
Gopalakrishnan, international head of Banking and Payments for FIS
Global Financial Solutions.
“Working together on Visa B2B Connect, we are combining the
strengths of the world's leader in electronic payments with IBM's
recognized expertise in helping scale distributed ledger
technology. This is a unique example of how blockchain-based
architecture can help transform B2B value chains by facilitating
secure and transparent transactions globally,” said Marie Wieck,
general manager, IBM Blockchain.
“With Visa B2B Connect, we are leveraging Visa’s existing assets
and our expertise in cybersecurity, data privacy, the scale of our
network – and layering that with new elements of distributed-ledger
technology to meet unique needs of this industry,” said Sam
Hamilton, SVP, data product development at Visa. “This lays the
foundation for a service with the potential to transform
cross-border payments.”
To learn more about Visa B2B Connect, please visit
www.visa.com/visab2bconnect or contact the team at
VisaB2BConnect@visa.com.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around
the world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device,
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
1 Availability varies by country
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Aida Hadzibegovicahadzibe@visa.com415-805-4242
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