Visa Partnering with Chain to Enter into Real Time Payments Race

The real-time funds transfer systems space could be heating up as Visa has teamed up with Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term outfit Chain, helping push the development of a new funds transfer system for high value bank-to-bank and corporate Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

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Visa has already unveiled its B2B Connect module, which the group plans to roll out sometime in 2017 – the new utility is still in development and is designed to help improve B2B payments by providing a system that supports near real-time notification and the deployment of a private blockchain.

Visa’s collaboration working with Chain, reflects its commitment to real-time payments, as the group is already an established player in the financial blockchain arena. Recently, the group has managed to raise over $40 million in funding, including substantial investments from Khosla Ventures, RRE Ventures, and others ranging from Capital One, Citigroup, and Fiserv, to Nasdaq.

“The time has never been better for the global business community to take advantage of new payment technologies and improve some of the most fundamental processes needed to run their businesses,” noted Jim McCarthy, Executive Vice President (EVP), Innovation and Strategic Partnerships, Visa, in a statement on the partnership.

“We are developing our new solution to give our financial institution partners an efficient, transparent way for payments to be made across the world,” he added.