Visa has been going big in B2B payments as of late. Earlier this month the credit card giant launched its Visa Ready Program for Business Solutions, a collection of B2B payment and finance services, from virtual cards to AP automation, to accelerate companies’ use of such digital tools.
Last year, Visa revealed it was working with blockchain company Chain to develop Visa B2B Connect, a platform for FIs to make payments and settle funds for corporate clients using blockchain infrastructure.
On Friday (June 23), Visa said it was ready to demo that blockchain tool at the Money20/20 event later this year.
“Visa B2B Connect will have what it takes to move the needle and make meaningful improvements in the way corporate clients are able to make payments around the world,” the company said.
The solution positions Visa in competition with Swift, Ripple and other FinTechs that work directly with banks to facilitate interbank transfers. Visa B2B Connect aims to provide near real-time notification and finality of payment, the company explained.
Reports said Visa Head of Global Solutions Vicky Bindra and Chain cofounder and CEO Adam Ludwin will deliver the keynote at the Money20/20 conference, which will be held in Las Vegas in October.
In an interview with PYMNTS last year, Chain’s Ludwin explained that real-time payments are becoming a necessity for corporates and that blockchain brings that capabilities to the banks.
“There is now an expectation — and, in fact, a frustration — that [real-time payments] aren’t already a reality,” he said.
And while the financial services industry has embraced electronic payments, that technology can only send payment instructions electronically — not actually move the funds.
“That triggers a still fairly manual, multistep, bank-to-bank rippling of updates to different, siloed ledgers,” he said.