Visa Inc. has launched a multilateral payment network (B2B Connect) that enables cross-border transactions directly between any banks connected to the platform for a more consistent and streamlined payment experience.
In simple terms they got some Blockchain elements and created a centralized network that only helps transactions between banks be faster and a little bit more secure. And I say little bit because the there is a central node (Visa B2B Connect) that all transactions will use as a gateway to transfer the money.
How Visa B2B Connect Works
A central node means that there will be a single point of failure. In Visa B2B Connect, the single point of failure is the platform itself. In the pictures posted by Visa Inc. we can see exactly that.
Banks will use the B2B connect to transfer money from one to another without any intermediates and that of course will reduce the time and costs of a transaction.
To be fair, something like that was needed, but by no means this is a blockchain. For something to utilize the true blockchain technology it has to use all Blockchain characteristics, and B2B Connect seems to missing the most important element, decentralization.