The real-time funds transfer systems space could be heating up as Visa has teamed up with blockchain outfit Chain, helping push the development of a new funds transfer system for high value bank-to-bank and corporate payments.
Visa has already unveiled its B2B Connect module, which the group plans to roll out sometime in 2017 – the new utility is still in development and is designed to help improve B2B payments by providing a system that supports near real-time notification and the deployment of a private blockchain.
Visa’s collaboration working with Chain, reflects its commitment to real-time payments, as the group is already an established player in the financial blockchain arena. Recently, the group has managed to raise over $40 million in funding, including substantial investments from Khosla Ventures, RRE Ventures, and others ranging from Capital One, Citigroup, and Fiserv, to Nasdaq.
“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, ” noted Jim McCarthy, Executive Vice President (EVP), Innovation and Strategic Partnerships, Visa, in a statement on the partnership.
“We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world, ” he added.