Visa Launches First Phase of Blockchain B2B Payments System

[sheld0n]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

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[Tankdestroyer]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

That is a good step coming from them. I am sure that he blockchain technology that is brought by satoshi to the world will be widely used not just on visa credit cards but also on many fields as well. With developments, I am sure blockchain tech would lead to a foundation of new convenient way to ensure transparency of government and related organization. Although that is the case, I think if this system became a reality and if there would be crypto version of fiat currency, bitcoin might not go mainstream but instead be used like precious metals.

[Ilegendph]

A good news for bitcoin in 2018. Adoption of companies like VISA to blockchain technology would make the btc price go higher. I hope this coming year more companies specially E-commerce business would realized how this kind of technology will help them to gain more profit.

[krauzzer02]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

Any article links or news site about that? anyway bitcoin is still in experimental and premature phase but Blockchain is a promising system that the majority of the businesses and companies will adapt or upgrade their current system in the near future and that will be the first step for the innovation of the transparency, authenticity and speed that will benefit millions of people who are using or transacting to their services.

[Hydrogen]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

One under emphasized area of blockchain/bitcoin could be its tendency to make banking simple. Its like those "for dummies" books. In theory anyone could set one up and establish an international banking system. As bolded in the article above, this should eliminate middle men from the equation which might result in reduced cost of banking, more features and reliability.

Some have noted how technology and the internet have produced some negative effects in society. Jobs have been automated or outsourced. Perhaps blockchain is an upside to technology and the internet in terms of bitcoin & crypto producing jobs, creating new industries, giving more options and financial power to the people where it may be needed most.

[squatz1]

I'll believe it when I see it actually happens, or when it's on the VISA site (not just on a random page, on the homepage) companies like this need to embrace the technology if they want to be ahead of the curve. Cause if they don't do it, someone else will do it and they'll lose the control they have over the entire community.


So, OP this is pretty much me asking for a link to this news. Not helping much for you to just say it.

[kaya11]

I'll believe it when I see it actually happens, or when it's on the VISA site (not just on a random page, on the homepage) companies like this need to embrace the technology if they want to be ahead of the curve. Cause if they don't do it, someone else will do it and they'll lose the control they have over the entire community.


So, OP this is pretty much me asking for a link to this news. Not helping much for you to just say it.

If its really true then its a big impact to the cryptocurrency community, hope the people who uses Visa will be able to cope with the community who uses blockchain technology as it will be new to them and they do not have the background.  Anyways your right when you said if they dont go with the flow someone will.

[TheCoinGrabber]

Glad they are getting their hands into it. Hopefully this would eventually extend to non-business clients and would reduce fees. Not necessarily and endorsement of bitcoins, just pointing that out those who say it would, but still a good step  forward for the banking industry.

[sumanto]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

the technology is very similar to bitcoin and blockchain I hope they can work together with bitcoin and could be the trigger of future bitcoin price increases.

[omonuyak]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

From business to business payment or transactions we would have individual to individuals transactions in future! Visa were among the company from beginning that buy the idea of p2p transactions before back out, but I am happy it has made this great advancements. Blockchain technology is going maintream and the defraud banking system we have now that is the third-party systems of transactions will be history.

[stompix]

Any article links or news site about that?

Visa statement:
https://usa.visa.com/visa-everywhere/innovation/visa-b2b-connect.html

Businessinsider
http://www.businessinsider.com/visa-partners-with-banks-for-cross-border-b2b-payments-2017-11

I'll believe it when I see it actually happens, or when it's on the VISA site
So, OP this is pretty much me asking for a link to this news. Not helping much for you to just say it.

See above , you non-believer ))

Glad they are getting their hands into it. Hopefully this would eventually extend to non-business clients and would reduce fees. Not necessarily and endorsement of bitcoins, just pointing that out those who say it would, but still a good step  forward for the banking industry.

They actually don't have any plans about bitcoins.
They are just using the blockchain as a model, in reality from what I've read it has very little in common with the blockchain as we know it.
No constant blocks mined, just transactions recorded on top of the others and verified by a central database, a more advance type of balance guaranteed swap.

As for lower fees... common, those guys need the extra fees.Poor little souls. 

[HabBear]

This is cool, but why should we care?

All e-transactions will soon be flowing over a blockchain network, the technology is simply cheaper and more secure than any existing format.

The problem for us is that this doesn't direct transactions off the fiat systems. This is great for blockchain, not great for Bitcoin.

[jjacob]

Global credit card giant Visa has rolled out the first, pilot phase of its blockchain-based business-to-business payments service, B2B Connect.
First announced last year, Visa plans to use the platform to ease cross-border payments by facilitating direct payments between institutions, cutting out the middleman the industry currently relies on. The platform – developed with the assistance of blockchain startup Chain – is also designed to ensure secure, yet transparent payments between enterprises.

If the application of Blockchain cuts out the middle man, what is Visa doing here?  In this case, I suspect that blockchain is just used to improve efficiency and increase Visa's margins. They establishment is trying to co-opt blockchain here.

[Anonylz]

Visa has been in touch with Ripple, and that is the main reason of why it pumped a lot during the last few days, maybe it went from $0,19 to $0,23 in a few hours, it is more than twenty percent, it makes a lot of differences for the real holders of this coin.
It was time for seeing them trying to make some real bussiness with cryptos, but it will take some time to develop a GOOD project using Visa, because you know that they will try to regulate everything and kill us with taxes.

[rindo]

The giant credit card company, Visa has announced the first pilot phase of its business-to-business payments service, based on blockchain, B2B Connect.
Following an announcement last year, Visa plans to use the platform to facilitate cross-border payments, such as direct payments between institutions, eliminating the broker in which the industry currently operates. The platform - developed with the help of the Startup Chain - is also designed to ensure secure and transparent cross-company payments.
It is already working with Visa on the project: Commerce Bank, Shinhan Bank of South Korea, Union Bank of Philippines and United Overseas Bank, based in Singapore.

[TheCoinGrabber]

Glad they are getting their hands into it. Hopefully this would eventually extend to non-business clients and would reduce fees. Not necessarily and endorsement of bitcoins, just pointing that out those who say it would, but still a good step  forward for the banking industry.

They actually don't have any plans about bitcoins.
They are just using the blockchain as a model, in reality from what I've read it has very little in common with the blockchain as we know it.
No constant blocks mined, just transactions recorded on top of the others and verified by a central database, a more advance type of balance guaranteed swap.

Well, this is to handle fiat anyway so I don't think they needed to mine anything, ahaha.  If they'll do it to somehow spread the records of transactions then that might be good so that date don't get entirely wiped out during system failures.

But yeah, was a bit tad too optimistic about the fees, hehe.

The giant credit card company, Visa has announced the first pilot phase of its business-to-business payments service, based on blockchain, B2B Connect.
Following an announcement last year, Visa plans to use the platform to facilitate cross-border payments, such as direct payments between institutions, eliminating the broker in which the industry currently operates. The platform - developed with the help of the Startup Chain - is also designed to ensure secure and transparent cross-company payments.
It is already working with Visa on the project: Commerce Bank, Shinhan Bank of South Korea, Union Bank of Philippines and United Overseas Bank, based in Singapore.

Hmm, Union Bank. That's kinda one of the smaller banks here in the Philippines. Could be the reason why they were enthusiastic to join this pilot program.

[sindikat]

I wonder what he thinks about the introduction of such payments between enterprises to the tax authorities? I understand that if the company will use between uncontrolled gateway, they can easily hide their taxes. In any case it will be a very interesting experiment. But I know that the technology of banking transactions are much cheaper than the blockchain. As Visa will solve this problem?

[allthingsluxury]

Bitcoin continues to grow and prosper. Mass adoption is coming.