Facebook claims its proposed payments network is 7 times faster than Visa’s

As work continues on Novi, Facebook’s digital wallet, a paper coauthored by scientists at Facebook’s Novi division proposes a transaction settlement system called FastPay. In experiments, the team managed to achieve “intra-continental” confirmation of less than 100 milliseconds and over 80,000 transactions per second with as many as 20 different payment authorities.

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