Two years in the making, Visa has launched a new blockchain product, aiming to disrupt the market for international money transfers by making them faster, cheaper and more transparent.
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Most cross-border payments are done through the Society for Worldwide Interbank Financial Telecommunication, or Swift, a Belgian organization started in 1973 that counts 11,000 financial institutions as members. But its legacy system has inefficiencies. Because few banks are connected directly to each other, a payment that originates in Kansas City and is bound for Nairobi might have to stop at banks in New York and London before reaching its final destination, with each bank extracting a fee.
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