Thailand’s largest bank, Kasikornbank (Kbank), will be testing Visa’s cross-border B2B blockchain platform. Kbank has joined the pilot program designed by Visa for financial institutions. The blockchain platform aims to provide an easy, secure and fast way for companies to process corporate cross-border payments.
Visa’s blockchain platform is built on Chain, a company that has been recently acquired by Stellar. Visa B2B Connect is working in order to launch its official product in the next months. Some banking partners testing the solution include Commerce Bank, Shinhan Bank and United Overseas Bank, among others.
Kasikornbank Tests Visa’s Blockchain Platform
Suripong Tantiyanon, manager of Visa Thailand, commented that the platform has been designed for the exchange of high-value international payments.
About it he said:
“Building on the enterprise blockchain technology, Visa B2B Connect is a new transaction platform designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients. Managed by Visa end-to-end, Visa B2B Connect combines Visa’s core capabilities in security, governance and distributed ledger technology.”
Visa wants to facilitate transfers between financial institutions using blockchain technology. This would allow a more efficient and transparent way for businesses to process their payments around the world. This is very important for Thailand because it will be the first Thai bank to join this program.
This payment platform has been announced by Visa back in 2016. According to the company, using blockchain technology, it was possible to create a better transaction system for companies.
The official statement released by Visa reads as follows:
“With Visa B2B Connect, Visa aims to significantly improve the way international B2B payments are made today by offering clear costs, improved delivery time and visibility into the transaction process -ultimately reducing the investment and resources required by banks and their corporate clients to send and receive business payments.”
There are other companies that are working to offer better methods to transact funds all over the world. This is the case or Ripple, which has been in the news because of its xRapid product. The company could unveil this service in the coming months, allowing financial institutions to easily perform cross-border transactions.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.