Bit Flyer Customers Can Now Enjoy Ethereum-Based Services

24m
livebitcoinnews

50% of Bitcoin Wealth Held by Just 1,800 Wallets

26m
cryptoglobe

Opinion: crypto trading is the new Wall Street

32m
coinfox

Analyst: XRP Has One Of The Most Bullish Charts In The Market

37m
cryptonewmedia

We Need a Libra-Like Virtual Reserve Currency for the World, Says Bank of England Governor

38m
beincrypto

VEX BLOCK Technologies develops first crypto SIM Card wallet » The Merkle Hash

38m
cryptonewmedia

Symmetrical Triangle Pattern May Bolster Bitcoin Bulls

1h
newsbtc

Colorado Man Heading to Prison For Bitcoin Crimes

1h
livebitcoinnews

Brave Expands Crypto Tipping to Reddit and Vimeo After Twitter

1h
cointelegraph

Bitcoin: What Could 1 BTC be Worth After Mass Adoption?

1h
thebitcoinnews

Heroin Addict Turned Fortnite Streamer Feels ‘Obligated’ to Help People

1h
cryptonewmedia

Moneygram drives Ripple XRP volume: Ripple executive claims |

1h
cryptonewmedia

Crypto News From Brazil: Week in Review

1h
cointelegraph

Bitcoin Unlikely to Plummet By Another 30%, Declares Analyst

1h
newsbtc

Moneygram drives Ripple XRP volume: Ripple executive claims

1h
bitcoinwarrior

5 Costly Mistakes Blockchain Startups Should Avoid When Pitching Editors

2h
dailyhodl

ZCash and Other Sapling-based Altcoins are Subject to Powerful DoS Attacks

2h
nulltx

“Bullish on Crypto”: An Interview with Skrill CEO Lorenzo Pellegrino

2h
thebitcoinnews

Bitcoin Bombshell, Libra Rivals, Twitter Spats: Hodler’s Digest, Aug.…

2h
cryptonewmedia

Top 6 EOS Block Producers in 2019 » The Merkle Hash

2h
cryptonewmedia

Electron Cash Wallet Gets ‘Mecenas’ Recurring Payments Plugin for BCH

2h
bitsonline

Stay away from these cryptocurrency scams at large in 2019

2h
bitcoinwarrior

IOTA Price Analysis and Prediction for August 25th: Will the Bulls Overcome the Bears?

3h
nulltx

Bitcoin Bombshell, Libra Rivals, Twitter Spats: Hodler’s Digest, Aug. 19–25

3h
cointelegraph

Overstock Still Focusing on Crypto Despite Embattled CEO’s...

3h
newsbtc


Visa Launches New Blockchain Project to Compete with SWIFT

coinidol

2mon ago

Visa has announced that it is entering a $125 trillion market using blockchain to carry out these particular payments in the fastest, most economical and most transparent way ever. The blockchain and cryptocurrency industry is among the most lucrative businesses in the world, and this is the reason why popular companies, institutions or people with a big impact on the world’s economy are not hesitating to take advantage of any opportunity available.

Now, Visa appears to be doing this on a large scale. For instance, in 2018, it moved around $11.2 trillion from its financial payment rails in over 220 countries for acquisitions including payments from vehicles, online shopping, cups of coffee, etc., and it is now seeking to have a larger market for international transactions, business-to-business (B2B) transactions, for financial institutions to easily transfer funds in the best interests of corporate clients.

A lot of the international payments are normally conducted via the SWIFT, Belgian financial group that commenced around four decades ago and has over 11,000 monetary organizations as business partners. Swift rolled out gpi back in 2017, in order to increase the transparency and the speed of the transactions.

The fact that it has more business members is not enough and does not save Visa from the bad reactions it has been receiving from its clients and the public at large. One of the complaints has been rotating on its system inefficiencies, such as the speed and time it takes the transaction to be completed, the transparency and security of the transaction and others. It has been very hard to effectively track the progress of the money transfer in the pipeline and also the cost estimate of the transfer has been so uncertain, since the foreign exchange rates for countries are totally different.

Visa has been looking into innovations for a while now. Last year they partnered with IBM to launch a payment system using Ethereum blockchain. The system tokenizes private data like important information about, account numbers, etc., and also makes his/her identifiers used by businesses in cross-border payments especially on various exchange platforms.

However, according to the global head of business solutions at Visa Kevin Phalen, the company is now trying to develop a blockchain-based system so-called B2B Connect product, that will make transactions very convenient, faster, secure and transparent. The software enables direct bank links, and also allows participants to openly check payment fees. It is expected that this platform will bring the transactions to be completed within a maximum of 24 hours.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments