SWIFT action: JPMorgan and Visa team on cross-border blockchain payments
Visa is set to integrate its B2B connect network with JPMorgan’s suit of blockchain based cross-border payment products. Traditional finance and payment giants JPMorgan and Visa are teaming up to streamline the use of their private blockchain solutions Liink and B2B Connect to facilitate cross-border payments. According to an Oct. 11 report from Forbes, JPMorgan’s Liink is a network specifically designed for cross-border transfers and is offered under the bank’s blockchain and payments initiative Onyx. Onyx provides a platform for institutions to share financial information and validate....
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Visa is working on a blockchain-based solution for cross-border, business-to-business exchange called Visa B2B Connect. Cross-border payments between businesses is a complex market that is fraught with problems but is lucrative nonetheless, a potential that Visa seems eager to tap into. Visa Unveils its Collaborative Project. Visa, in collaboration with tech start-up, Chain Inc., unveiled the project on October 21, 2016. Chain, a startup that Visa happens to be an investor in, has also worked with Google, Salesforce, Microsoft, Square, and among others in the past. Visa B2B Connect seems....
Payments giant SWIFT is developing a blockchain-based ledger with 30+ top banks and Consensys, aiming to enable 24/7 cross-border payments. SWIFT Is Working With 30+ Global Financial Institutions On A Blockchain Ledger As revealed in a press release, SWIFT is planning to add a blockchain-based ledger to its infrastructure stack, in collaboration with a group […]
VISA and blockchain-technology partner BTL will invite a select group of European banks to participate in a blockchain project that will see inter-bank payments made via transfers over the ledger. Hot on the heels of the likes of R3, Visa will experiment its own blockchain-based payments platform with a select group of banks who will send money over a blockchain. The proof-of-concept project will use Interbit, a cross-border blockchain remittance and settlement platform developed by industry startup BTL. Launched earlier this year, the Interbit platform is seen by Visa as the solution to....
A significant transformation for international payments is on the way thanks to the interbank messaging system SWIFT. To the uninitiated, SWIFT is the backbone of the global financial messaging network, connecting more than 11,000 institutions across 200 countries. If you’ve ever sent or received a cross-border payment, you’ve almost certainly come across SWIFT, whether it […]
This seemingly fight-or-flight response to blockchain’s rising ubiquity may be too little, too late. SWIFT, the Brussels-based interbank cooperative, has unveiled its first active instant cross-border payment connection — a move that could have major implications for the global payments landscape. The cooperative announced Thursday that United Kingdom-based Lloyds Banking Group has become the first to connect with SWIFT gpi Instant, the high-speed cross-border rail that settles payments in seconds. The payment system connects SWIFT gpi with the U.K.’s Faster Payments infrastructure,....