Sanctions killer

Visa Launches Swift Payments Killer Using Blockchain

Credit card giant Visa has launched its blockchain-powered business-to-business payments service B2B Connect.
B2B Connect can now be used by businesses seeking to make payments to 30 markets, with 90 more expected to be added by the end of this year. To start, it’s available for B2B transactions of $15,000 and up, which represents a roughly 10% chunk of the $125 trillion cross-border market. Visa says B2B Connect makes these payments faster, cheaper and more transparent.
“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points,” said Kevin Phalen, global head of Visa Business Solutions.
Right now, most cross-border payments are done through Swift, the Society for Worldwide Interbank Financial Telecommunication, a Belgian organization that counts 11,000 financial institutions as members. But Swifts’s system is painfully slow and inefficient.

And we all seems to be going full sandbox these days.