Visa Prepares to Launch B2B Connect

25 de Octubre, 2018

Tiempo estimado de lectura: 1 minuto

The platform will have a digital identity feature, which uses tokenization to encrypt a company’s sensitive information by providing a unique digital identifier, or “token” that can be used for payment without exposing card details or account information.

Visa is expanding its partnerships: It’s partnering with Bottomline Technologies, a fintech provider for B2B payments, which will be its first partner to integrate its solution with B2B Connect. Visa B2B Connect was initially previewed in 2016 and the firm tested it with major banks globally such as Commerce Bank in the US, UnionBank in the Philippines, and United Overseas Bank in Singapore, as well as rural banks to help develop and refine the service. The complex nature of B2B payments is making them slow to digitize — 51% of all B2B payment in the US are still made using checks — because managing both the payable and receivable ends of B2B transactions has made them complicated, costly, and often fraud-filled. Sending and receiving cross-border B2B payments is likely to experience even more friction, so offering a solution that can that can streamline B2B payments for merchants, while also providing tokenization, can allow Visa to see substantial volume upon rolling out the service in full.

Fuente: Business Insider

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