Financial service provider multinational company Visa Inc. is implementing open-source blockchain code from the Hyperledger Fabric ahead of the upcoming commercial launch of its own blockchain service for enterprise payments in Q1 2019.
The enterprise blockchain platform, Visa B2B Connect, enables cross-border transactions between business, is joining IBM to implement its development of the open-source Hyperledger Fabric Framework.
Nearly two years ago, Visa first announced its involvement with blockchain based startup chain Inc. in developing a blockchain platform as an alternative solution for large cross-border payments among business against global payment rail SWIFT.
The new service tokenizes the user’s information including their account number and other private data with a unique identifier to carry out faster transactions decreasing the chances of fraud. Primarily the cross-border business transactions sent through B2B Connect are processed from the beneficiary bank to the receiver.
Hyperledger Fabric was initially developed by IBM along with New York based industry startup Digital Asset as a blockchain framework. It is hosted now by the Linux Foundation a year after its production-ready software, Hyperledger Fabric 1.0.
Through a press release, Visa noted, the functionality of this integration into Visa’s core assets’ will help to improve and facilitate financial trasactions on a scalable permission network to make sure “a frictionless cross-border payment experience with utmost security, trust and transparency.”
Jason Kelley, IBM blockchain services general manager added, “IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments.”
Kasikornbank, Thailand’s largest bank by market capitalization became the first financial institution in the country to initiate cross-border payments via Visa’s blockchain platform.