The Visa B2B Connect network aims to provide financial institutions with a tool to manage corporate client worldwide payments quickly.
Aimed at high value corporates, Visa says that its new system will be particularly useful for making cross border payments.
First made public in October 2016, the Visa B2B Connect network is being made available in 30 markets, with plans to expand to as many as 90 territories by the end of the year.
Visa said that along with using its own core assets, it has partnered with IBM Blockchain for Visa B2B Connect.
Initially Visa worked alongside startup Chain to create the new platform but eventually chose to use elements of Hyperledger Fabric, the Linux Foundation's open source distributed ledger.
Phalen told Reuters that the network is not fully based on a distributed ledger, however the technology has been used for some elements as it allows more payment information than traditional systems.
"Bottomline is delighted to be working with Visa to accelerate the adoption of innovative ways for businesses to make faster cross-border payments", said Rob Eberle, president & CEO, Bottomline.
"Our ability to provide our mutual financial institution clients globally with access to Visa B2B Connect will help these banks to continue to deliver differentiated payment capabilities to their corporate customers".
Gpi Link, SWIFT explained, will connect gpi members to multiple trade platforms to enable gpi payment initiation, tracking, payer authentication, and credit confirmation.
The pilot took place through Visa Europe Collab, Visa's London-based innovation hub, in cooperation with Canadian blockchain startup BTL Group.