Improving the cross-border transactions sector of the financial industry has been seen as the next big thing in the world of technology, something that is also ingrained into the ideals of the Brad Garlinghouse-led Ripple.
To compete with Ripple, Visa, one of the world’s most popular and largest credit/debit card companies, has decided to wade into the FinTech arena by implementing Distributed Ledger Technology [DLT] in their latest product offering, B2B Connect. Kevin Phalen, Visa’s Global Head of Business Solutions stated,
“Visa is also making transactions faster and more transparent with its newly launched B2B Connect product.”
B2B Connect aims to facilitate direct bank connections with financial institutions, having the option to see payment fees upfront. Phalen added,
“Visa B2B Connect is focused on facilitating high-value B2B transactions of about $15,000 and up, which represents a roughly 10% chunk of the $125 trillion cross-border market.”
Visa officials have claimed that with the latest product, transactions will be settled much faster than usual, with the promise to settle any location to location transfer within 24 – 48 hours. The company revealed that it had created the latest platform using the HyperLedger Fabric, one of the key components developed by IBM in partnership with Linux.
Visa’s reach in over 200 countries and partnerships with several market giants has put the ball in Ripple’s court. The San Francisco-based cryptocurrency company had made cross-border transactions its numero uno priority, which was evidenced by its developments and updates. Ripple had made headway in this regard at the turn of the year when Brad Garlinghouse announced that the organization had partnered with over 200 countries to propagate quicker cross-border transactions.
Recently, Ripple announced that the firm had expanded to Brazil in a bid to close the worldwide payments circuit. The official statement from the company read,
“Ripple’s enterprise blockchain solutions enables a better user experience with more agility, transparency and lower cost for cross-border payments. Ripple, the global leader in enterprise blockchain solutions for cross-border payments, launches operations in Brazil to expand its footprint in South America.”
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