Big U.S based payment services company, Visa, today announced the release of a new payment network it says has elements of blockchain technology.
According to a Reuters report, Visa's latest payment network is called Visa B2B Connect and will facilitate international payments settlement for businesses.
Specifically, instead of transactions from smaller banks to go through an intermediary bank en route to a beneficiary bank, businesses will now have these transactions settled almost instantly at a lower cost to both them and Visa.
The system being replaced by the new network can result in slower transactions and more complexity, as per the report.
Meanwhile, following it's Tuesday release, Visa B2B Connect according to the report will provide settlement across 30 transaction corridors and could reach the milestone of 90 markets before the end of 2019.
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points,” said Visa Business Solutions Global Head, Kevin Phalen, regarding the capabilities of the new payment network.
Reporting on the nature of blockchain Visa embedded into the new network, Reuters confirmed that it features aspects of Hyperledger's open source blockchain software with further contributions by tech giants IBM, FIS and Bottomline.
Interestingly, Visa's adoption of blockchain technology, no doubt, further raises the number of leading payment networks looking to improve their products by incorporating the cutting edge invention.
In a similar move, social media giant Facebook reportedly sees the invention as a tool that could help it finally makes its debut in the payment service industry.
The Mark Zuckerberg led company could release the whitepaper for its cryptocurrency later this month with a full rollout of the solution expected to arrive within the next year.