Leveraging blockchain for cross-border corporate payments

BNamericas: Will the service encompass global trade corridors that have one end in Latin America? If not, are there plans to include countries/banks in the region?

Rodríguez: Yes, in its first phase Visa B2B Connect will encompass more than 30 global trade corridors, including countries in Latin America and the Caribbean such as Brazil, Mexico, Colombia, Peru and Panama, with a view to expand to up to 90 markets before the end of 2019. It is a product that will revolutionize international payments between companies across the globe and will add much value to our banks in the region.

BNamericas: What is the target market of B2B Connect, large companies or SMEs, and why?

Rodríguez: As the name suggests, Visa B2B Connect is focused on B2B payments, business to business, and the focus is on bank-to-bank high-value transactions. In this way, it seeks to remove friction, and reduce the time involved, in conducting international corporate transactions, facilitating transactions from the bank of origin to the bank of destination of the funds.

The target market of Visa B2B Connect includes banks that process high volumes of international payments between companies.

BNamericas: Visa B2B eliminates friction and the time involved in international corporate transactions. But is the service, for clients, cheaper than a similar traditional payments service?

Rodríguez: Visa B2B Connect is a competitive service, and its focus is on providing flexibility in terms of executing and facilitating international payments. Visa has developed Visa B2B Connect so that financial institutions can respond to the changing commercial needs of their clients.

BNamericas: In terms of adoption of innovative payments services like B2B Connect, what potential does Latin America hold?

Rodríguez: In 2018, international corporate transactions represented US$153tn globally, according to estimates from Juniper Research, of which US$12.6tn corresponded to Latin America and the Caribbean. It is…

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