The network, called “Visa B2B Connect,” is designed to facilitate international payments made by global financial institutions by enabling direct interbanking transactions between businesses and beneficiaries.
According to the report, the network already covers 30 trade channels worldwide to enable faster and cheaper cross-border payments, and is expected to expand to 90 markets by the end of 2019.
Visa B2B Connect is partially based on blockchain technology, containing elements of Hyperledger, the open source distributed ledger technology (DLT) developed by a group led by the Linux Foundation, the report notes.
Specifically, certain aspects of blockchain tech were reportedly used due to its capability to transfer more data on a payment than any existing payment system, global head of Visa Business Solutions Kevin Phalen said in the report.
The new network is a result of collaboration with tech global giant IBM, as well as e-payment operator Bottomline Technologies and fintech firm FIS. In order to develop the product, Visa was reportedly initially working with cryptographic ledger systems builder Chain.