Tenset/VISA integration update

Some steps of the Tenset project development are quick and easy, while others require time and combined efforts of our multiple departments.

Tenset long-term vision is to become a leader in the newly emerging financial sector, combining the traditional world of finance with cryptocurrencies. Today, we wanted to shed some light on the progress of our integration with VISA, Tenset key partner in the development of our financial products of the future.

As the recent crypto bull run has been getting its full momentum, to our pleasant surprise, VISA has come out fully indulging cryptocurrencies and decided to position itself in the front seat of the future blockchain-driven world of finance.

Visa has recently shared many news and articles focusing on the changes in the financial sector and how they want to help developers incorporate their technologies into blockchain projects.

Here are some articles and podcasts about how VISA imagines the changes in the financial sector:

https://www.coindesk.com/podcasts/coindesk-podcast-network/visa-ceo-al-kelly-crypto
https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.17721.html
https://usa.visa.com/visa-everywhere/blog/bdp/2021/03/26/digital-currency-comes-1616782388876.html

At Tenset, we couldn’t be happier about the direction VISA decided to take and have jumped right into the Visa’s Developer Platform. We’ve gained access to their developer’s dashboard and provided tools to test some of the technologies VISA will be offering.

Visa Developer Platform helps consolidate multiple partners and developers facing assets across Visa into a common platform to simplify partner connectivity. Visa’s API management features can help accelerate collaboration and innovation within Visa and between its strategic partners by providing them with a one-stop-shop for API availability.

The API management platform becomes an API “portal” where developers across the B2B/B2C space can efficiently leverage Visa APIs.

The other main areas we are currently focusing our programming efforts on:

1. Visa Crypto APIs
Visa is transforming bank and FinTech products by adding digital currency features. We are currently testing various solutions and how they connect and interact with our Smart Contract.

2. Visa Token Service
The Visa Token Service (VTS), a new security technology from Visa, replaces sensitive account information, such as the 16-digit primary account number, with a unique digital identifier called a token. The token allows payments to be processed without exposing actual account details.

3. Visa Payments Processing
Visa Payments Processing APIs enable Visa clients, such as acquirers, acquirer processors, approved merchants, and payment facilitators, to process card-not-present payments through a direct interface to Visa’s global payment system.

4. Visa dCVV2 Generate and Authenticate
It’s a simple way to add dynamic data to remote commercial transactions.
As Chip technology becomes more prevalent globally, fraudsters are targeting card-absent transactions more often. The use of dynamic Card Verification Value 2 (dCVV2) is one tool issuers may consider reducing fraud risk in this environment.

We have also performed multiple tests to answer questions from the Whitepaper, describing how Tenset proposes to manage the funds, take care of the privacy and security matters and distribute profits amongst the users. We have managed to solve most of the technical challenges and are confident now the solutions we have proposed will work as intended.

Finally, as Tenset mobile app is almost ready now, we have decided to incorporate the VISA/Tenset development inside the app with future updates. The goal is to have the whole product completed by the end of this year.

Tenset ultimate goal is to connect the world of traditional finance with cryptocurrencies, effectively bypassing the role of banks and give our customers freedom and comfort to be their own banks!

With the recent VISA announcements and our involvements as a developer, we are getting closer to make this vision come true.

Tenset/Visa card to facilitate all Tenset related transactions is coming.

Stay tuned for more info regarding our collaboration with VISA.