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.
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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.