Visa B2B Connect is a new platform developed in conjunction with Chain to give financial institutions a simple, fast and secure way to process business-to-business payments globally.
Visa B2B Connect seems to be an attempt by Visa and Chain to challenge SWIFT and its large messaging network as the predominant vehicle among banks to move large amounts of money around the globe for their business-oriented customers. Using Chain’s software implementation of their blockchain protocol, Chain Protocol, Visa’s system could enable businesses and their banks to more fluidly transfer value directly between each other, in real-time. This way, businesses will be able to handle transactions between them much the same way consumer-to-business transactions with debit and credit cards are handled.