Visa is working on integrating the open source code of Hyperledger Fabric’s blockchain to prepare for the commercial launch of its service in the first quarter of 2019.
Visa B2B Connect, the platform that companies need to make cross-border payments, is using IBM’s blockchain to tokenize information such as account numbers and other sensitive data that uniquely identify transactions which are most susceptible to fraud.
Thanks to the features of Hyperledger Fabric, Visa will be able to have more scalable transactions in order to have frictionless payments, with a lot of transparency and security.
IBM Blockchain Services general manager Jason Kelley explained:
“IBM Blockchain Platform and Hyperledger technology are delivering real business value today and B2B Connect is one of the most powerful examples to date of how blockchain is transforming payments”.
Last month, Thailand’s largest bank by market capitalization, Kasikornbank, became the first financial institution in the country to pilot cross-border payments using Visa’s blockchain platform.
