Visa has released a B2B Connect network, their enterprise payment solution to process international payments for corporations. Experts see this as a push from Visa to move beyond retail payment processing and enter the global corporate payment remittance market, as reported by Reuters on June 11, 2019.
Cross Border B2B Payments
The launch of the B2B remittance network powered by a distributed ledger is a sign of Visa’s ability to remain competitive with the rapid adoption of innovative technology. With nearly 30 trade corridors set up across the globe, capacity is expected to expand to 90 markets by the end of 2019.
Visa’s blockchain facilitates direct bank to bank transactions and eliminates the friction of countless intermediaries who typically exist in the international…