Visa recently announced it will be entering the $125 trillion market of cross-border business-to-business transactions with blockchain technology. Its B2B Connect product stores information on a distributed ledger to cut costs and boost efficiency of cross-border payments, according to a company press release. The company plans to launch its product across as many as 90 markets by the end of 2019.
The B2B Connect can allow banks to directly connect with each other, and customers can see the payment fees upfront. It can also settle transactions in one to two days.
Visa used HyperLedger Fabric, a blockchain software developed by IBM and Linux, to build B2B Connect. Unlike most cryptocurrencies, B2B Connect is not decentralized, according to the report.
Visa is also partnering with FIS, a payment processor based in Jacksonville, Florida, to reach FIS’s clientele of more than 20,000 financial institutions with B2B Connect, according to a report by Forbes.