Visa Adopts Hyperledger Fabric to Create New Cross-Border Payment Network
[ChainDD report] June 12 (ChainDD) US payment service giant Visa launched a new payment network Visa B2B Connect for corporate clients to help financial institutions deal with global cross-border payments faster and cheaper. The network initially covers 30 trade corridors and will expand to 90 markets by the end of this year.
Rather than leveraging an entire distributed ledger, Visa B2B Connect, a work Visa built with IBM, FIS and Bottomline, adopts some of elements of distributed ledger technology (DLT) for Visa think they can help transfer more payment information.
According to Reuters, Visa used to work with blockchain startup Chain to create new platform and eventually chose to use an open source blockchain framework Hyperledger Fabric developed under the leadership of Linux Foundation.