FOSTER CITY, Calif.—Visa plans to launch a distributed ledger platform next year for business payments.
Called Visa B2B Connect, the platform will be delivered thanks to a new partnership with IBM that will integrate hyperledger fabric, Lender Insight reported.
The card company has been working on the project with blockchain firm Chain.com, which was recently acquired by Interstellar, a for-profit business set up to promote Stellar—an open-source, decentralized protocol for digital currency to fiat currency transfers. In turn, Stellar has a relationship with IBM, Lender Insight explained.
“The B2B Connect system aims to offer an alternative to the correspondent banking system. Instead, payments are remitted between banks across the Visa network. They envisage using the new system for payments in verticals such as supply chain, trade, and institutional banking,” Lender Insight said.