The Visa B2B Connect Product has been available for developers through trial APIs and this week the product took one step closer to commercial availability.
Visa B2B Connect APIs are now processing bank to-bank test transactions with a few partners, others to follow soon. Partners include innovators from Commerce Bank in the United States, Shinhan Bank in South Korea, Union Bank of Philippines and United Overseas Bank in Singapore.
The platform, which was first announced last year runs by working with Chain to build Visa B2B Connect using Chain Core, an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks. Building on this technology, Visa is developing a new near real-time transaction system designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients. Managed by Visa end-to-end, Visa B2B Connect will facilitate a consistent process to manage settlement through Visa’s standard practices.
The product was designed with an “API-first” strategy as it aims to harness the power of the global developer community to enable a smarter cross-border B2B payments flow.