Visa contemplates to use the platform to facilitate cross-border payments by relieving direct payments between institutions, cutting out the middleman the industry currently relies on.
The platform, made with the help of blockchain startup Chain, is designed to provide secure and transparent payments between enterprises.
At the moment, the Visa has many partners that working on the project. Some of them are U.S. - based Commerce Bank, South Korea's Shinhan Bank, the Union Bank of Philippines and the United Overseas Bank, based in Singapore.
This week's announcement is just the first step as we work towards a commercial launch of Visa B2B Connect. We are beginning to process bank-to-bank test transactions with select clients. Additional banks, including corporates, will follow soon.
Global head of solutions, Visa
Visa's existing partners can use the company's application programming interface (API) to create their own platforms, according to a press release.