Visa unveils more details regarding digital identity to be integrated into its blockchain payment service in early 2019.
According to the company press release, the brand new service will be a blockchain-based cross-border payment solution that will see the light in Q1 2019.
“This one-of-a-kind distributed ledger-based platform is designed to give financial institutions a simple, fast and secure way to process cross-border business-to-business payments globally,” reads the document.
For identity tokenization, the B2B Connect system is said to use the company’s banking details and account numbers, which will get a unique identifier that can be used to facilitate transactions on the platform.
As the company commented:
“B2B Connect’s digital identity greatly reduces the opportunity for fraud that might otherwise exist with checks, ACH and wire transfers today, while also helping companies remain compliant as part of the regulated financial ecosystem.”
The new instrument will be based on Hyperledger Fabric, the result of the Linux-IBM cooperation. IBM representative believes this system may be a great example of blockchain payment transformation.
Visa is said to enter into a partnership agreement with Bottomline Technologies, under which clients of the latter will become able to use B2B Connect. Moreover, Thailand’s Kasikornbank has recently joined the project as well.