Blockchain in cybersecurity continues to be a topic many companies are looking into. With blockchain being the most transparent method and with its cryptography capabilities, it is no doubt that using it to secure business transactions, especially for cross border payments.
In an exclusive interview with Cybersecurity Asean, Chackan Lai, Vice President, Product and Innovation Risk Visa said Visa is closely monitoring blockchain.
“Visa B2B connect makes consumer life easier. The data elements are the same as what is transmitted based on a dynamic cryptogram.”
|Visa’s B2B Connect network was recently launched to giving financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally.|
Visa’s B2B Connect network was recently launched to giving financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally.
In a media briefing, Chris Clark, Regional President Asia Pacific Visa said, “Visa B2B Connect is a permission-based blockchain network visa uses to support facilitate high large value cross border commercial transactions. It is currently available in 30 countries and will grow to 90 countries. Visa B2b leverages on the capabilities of blockchain. It is permission based whereby each participant knows the other.”
When asked on Visa’s views and involvement in the blockchain industry, specifically Libra Blockchain, Chris said that the Libra Blockchain is an open source blockchain that will be governed by the Libra association. Libra Coin is a global currency that is based on the Libra blockchain.
“Visa is a participant in this digital currency. Visa wants to have a seat on this table to ensure trust, security and innovation are maintained.”
Going back to Visa B2B Connect, it removes friction and time spent on cross-border corporate transactions by facilitating transactions from the bank of origin directly to the beneficiary bank. The network’s unique digital identity feature tokenises an organisation’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network. Visa B2B Connect’s digital identity feature will transform the way information is exchanged in business-to-business cross-border transactions.
Partners, including Bottomline, FIS and IBM, are integral parts of the future scale of Visa B2B Connect. Bottomline and FIS are bringing Visa B2B Connect platform access to its participating bank clients. Along with Visa’s core assets, Visa B2B Connect utilises open source Hyperledger Fabric framework from the Linux Foundation, in partnership with IBM. This helps provide an improved process to facilitate financial transactions on a scalable, permissioned network.