Goldman Sachs to use blockchain-powered Visa B2B Connect as revealed by Visa’s CEO Alfred Kelly during Visa’s first-quarter earnings call. The move will enable Goldman Sachs to access over 80 markets. The quarterly report also highlighted Visa’s willingness to add support for digital currencies.
Visa B2B Connect is a blockchain-based corporate payment solution for cross border payments that intends to remove intermediaries such as SWIFT and banking systems by using the Visa network instead. The payment network is intended for high-value payments that aren’t actually instant but can settle within one to two days as per the AML procedures. It works by incorporating a digital identity token that includes banking information. FIS has also been integrated with the network.
Visa Could Add Cryptocurrencies to Its Network
Meanwhile, Alfred Kelly in his introductory statement of Visa’s fiscal Q1 2021 earnings report highlighted cryptocurrencies and the opportunities for the company. He detailed Visa as being the largest financial services brand in the industry due to its partnerships with 35 platforms and wallets.
Kelly saw digital currencies in two separate categories such as cryptocurrencies as well as stablecoins and central bank digital currencies (CBDC).
For cryptocurrencies, Visa believes to continue its partnerships to provide users a way to cash out of their assets as desired, using their Visa credentials across 70 million worldwide merchants. In terms of stablecoins and CBDC, Kelly saw them simply as another type of payment network that Visa will support.
Visa Sees Digital Currency as Potential Means of Exchange
Alfred Kelly emphasized that 35 of the leading digital currency platforms and wallets have already chosen Visa, including Coinbase, crypto.com, BlockFi, Fold, and Bitpanda. These wallet relationships represent the potential for more than 50 million Visa credentials.
Kelly believes that digital currency has the potential to become a recognized means of exchange. He saw no reason as to why Visa cannot add on its own network, which already supports over 160 currencies.