Visa is now integrating an open-source blockchain code from the Hyperledger Fabric ahead of the commercial launch of its own blockchain service for enterprise payments in Q1 of 2019.
Visa B2B Connect partners with IBM
The enterprise blockchain platform of the payment giant, known as Visa B2B Connect, which enables some cross-border payments between businesses, is now partnering with IBM in order to integrate the development of the open-source Hyperledger Fabric framework of IBM.
As it was reported two years ago, Visa first announced that the blockchain platform c-developed with the blockchain industry startup chain known as Inc. as an alternative solution to the global payments rail SWIFT for making some large payments between businesses across the borders.
The service actually tokenizes the information of a participant which includes account number, as well as some other sensitive data with the unique identifier to facilitate faster transactions which are susceptible to a fewer fraud.
Hyperledger Fabric was developed by IBM and Digital Asset
Fundamentally, the cross-border corporate transactions which are sent through B2B Connect are processed from the bank of origin directly to the receiver at the beneficiary bank.
The Hyperledger Fabric, which is hosted by the Linux Foundation, has been developed for the first time by IBM and New York-based industry startup Digital Asset as a blockchain framework and formally released its production-ready software, known as the Hyperledger Fabric 1.0, in 2017.
Including the functionality of Hyperledger Fabric into the core assets of Visa said in a press release that it is going to help in the improvement and facilitation of financial transactions on a scalable permitted network to ensure a frictionless cross-border payment experience with utmost security, trust, as well as transparency.
IBM Blockchain Platform and Hyperledger tech deliver real business value
The general manager of IBM Blockchain Services, named Jason Kelley added that the IBM Blockchain Platform and Hyperledger technology are actually providing real business value and B2B Connect is actually one of the most potent patterns to date of how blockchain transforms payments.
In September, the largest bank of Thailand by market capitalization, Kasikornbank, became the first financial institution in the country to plot cross-border payments with the use of the blockchain platform of Visa.