What is a payment gateway and how does it work?
Visa integrates Hyperledger Fabric open-source blockchain code into its B2B Connect enterprise payments service. Payment giant’s blockchain platform commercial launch slated for Q1 2019.
The service will allow companies to make large cross-border payments, becoming an alternative version of the SWIFT system. IBM helps the company integrate the latest Hyperledger developments.
To speed up transactions and prevent fraud, Visa B2B Connect tokenizes member information, including account numbers and other sensitive data, with a unique identifier. Essentially, cross-border corporate transfers made in this way are processed by the sending bank and sent directly to the recipient of the beneficiary bank..
Integration of Hyperledger into the core of the payment giant will simplify and improve security financial transactions on a scalable network, making them transparent. The B2B Connect platform is one of the clearest examples of how blockchain is transforming payments, according to IBM executives..
Sberbank is also actively studying the use of blockchain in its activities. ICO test launch was recently held based on the Masterchain, which has shown significant advantages of this method of attracting funding. After the adoption of the necessary laws, the bank will be able to offer such services to a wide range of clients..
text: Ivan Malichenko, photo: chawlahandicrafts, v-investor