Visa Launches New Blockchain Project to Compete with SWIFT

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Visa Launches New Blockchain Project to Compete with SWIFT
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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. 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.

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.

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