Chain Releases Open-Source Version of Chain Core Technology Powering Visa’s New B2B Connect

On October 21, 2016, Visa announced a new partnership with blockchain enterprise company Chain that will develop “a simple, fast and secure way to process B2B payments globally.” Dubbed Visa B2B Connect, the system will offer participating pilot financial institutions a consistent process for managing settlement through Visa’s standard practices.

“The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses,” said McCarthy. “We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world.”

Visa B2B Connect, which Visa plans to pilot in 2017, is built on Chain Core, an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks. Building on Chain Core, Visa is developing a new, near real-time transaction system designed for the exchange of high-value international payments between participating banks...