Visa launches blockchain-based digital identity system to offer a safer payment process for cross-border payments.
【Published by Ling Yu Han (凌郁涵)】
According to foreign media, Visa (V-US), a California-based multinational financial services company, will work with IBM (IBM-US) to launch a cross-border payment digital identity recognition system using blockchain technology in the first quarter of 2019.
The system named “Visa B2B Connect”, is a system which provide financial institutions with digital identity solutions based on blockchain technology which can also secure the process of cross-border payment. According to the reports, the system creditizes sensitive business data, such as bank details, account numbers, and grants special encrypted identification symbols to provide trading service on the platform.
“B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem,” said Kevin Phalen, global head, Visa Business Solutions.
As part of the B2B Connect platform, Visa is integrating open source Hyperledger Fabric framework from Linux Foundation with Visa’s core assets. This will help provide an improved process to facilitate financial transactions on a scalable, permissioned network.”
Jason Kelley, general manager of IBM blockchain services, said blockchain technology is “one of the most powerful cases in the change of payment system.”
“When industry leaders in payments and in financial services technology work together using open source technology, the entire business landscape stands to benefit,” Jason Kelley added.
Based on a 40-year partnership between Visa and IBM, this seems to be a natural progression, underscoring the two companies’ commitment to ensuring an uncompromising cross-border payment experience and the greatest security, trust and transparency in financial transactions.
■ Source: cynes
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