But it’s not the first time the credit card conglomerate has made inroads in the B2B payments sphere – instead, it’s only the latest for the company.
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.
In an interview with PYMNTS at the time, 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.
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“That triggers a still fairly manual, multistep, bank-to-bank rippling of updates to different, siloed ledgers,” he said.
An earlier version of this article linked to a Finextra post that has since been taken down.
