Large Thai Bank to Pilot Visa’s Blockchain Cross-Border Payments Platform
According to The Nation, Kasikornbank, Thailand’s fourth largest bank, has joined Visa B2B Connect pilot program, which is a Blockchain based program for cross-border payments.
Visa B2B Connect is a new platform that Visa is developing to give financial institutions a simple, fast and secure way to process cross-border business-to-business payments.
Kasikornbank is the first Thai bank to be included in the pilot programme designed to simplify the cross-border payments. Visa has already partnered with several other financial institutions globally.
Suripong Tantiyanon, Country Manager, Visa Thailand said: “Visa is proud that we have representation from a Thai financial institution in the pilot programme. 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.”
Siriporn Wongtriphop, First Senior Vice President, Kasikornbank said: “Kasikornbank is dedicated to delivering new and innovative solutions for our customers. Through our relationship with Visa, we are excited to be participating in the Visa B2B Connect pilot which is the first step of a new paradigm in reimagining cross-border payment transactions. As the first mover in Thailand, we believe that KBank will be a leader in the industry which benefits KBank’s enterprise clients in terms of more secured payment.”
Visa is working, via B2B Connect, to improve the way international B2B payments are made by offering improved processing time and visibility into the transaction process.