REUTERS/MaximZmeyev This article comes from the cooperative media Juheng. It shall not be reproduced with internal authorization.
According to foreign media reports, Visa, a multinational financial services company headquartered in California, USA, will cooperate with IBM to launch a cross-border payment digital identification system using blockchain technology in the first quarter of 20 19.
The system, named VisaB2BConnect, will provide financial institutions with a digital identity solution based on blockchain technology and provide secure cross-border payment processing. According to reports, the system tokenizes sensitive business data, such as bank details and account numbers, and grants special encryption identifiers for trading on the platform.
KevinPhalen, head of global business solutions at Visa, said the system would help improve fraud. "B2BConnect's digital identification system greatly reduces the risk of fraud that may occur in today's checks, collection and payment, and wire transfer, and also helps companies to comply with financial regulations and become a part of the regulated financial ecosystem. 」
Technically speaking, the solution will integrate HyperledgerFabric architecture (led by Linux and developed by IBM) with Visa's "core assets". The company said that it will build an extensible network and use it in the financial department.
JasonKelley, general manager of IBM's blockchain service department, said that the system is "one of the most powerful cases of blockchain technology changing payment so far. He said: "When the leaders in the fields of payment and financial services technology use open source technology for cooperative development, the whole industrial environment will benefit, and IBMBlockchainPlatform and Hyperledger technologies are providing real commercial value. 」
Based on the 40-year cooperation between Visa and IBM, this seems to be a natural development, which highlights the commitment of the two companies to ensure impeccable cross-border payment experience and maximum security, trust and transparency in financial transactions.