Kasikornbank (KBank), one of the largest banks of Thailand, became the first financial institution in the country that have joined the pilot program payment in the blockchain platform Visa B2B Connect.
Solution designed to provide fast and reliable cross-border payments developed by the company payment in 2016. In November last year, Visa introduced the first pilot phase of the B2B platform Connect and then started testing.
According to the Manager of Visa in Thailand, B2B Connect is based on the blockchain of the company’s transactional platform for the exchange of costly international payments between member banks on behalf of their corporate clients.
Interact with Visa, B2B Connect combines the key capabilities of the company in the areas of security, management and technology of the distributed registry, added Surapong Tantanan (Suripong Tantiyanon).
“We are delighted with our relationship with Visa to participate in a pilot test of B2B Connect, which is the first step of a new paradigm in the transformation of cross-border payment transactions”, — commented on the partnership, Vice-President of Kasikornbank , Siriporn Vontrapp (at siriporn Wongtriphop).
Earlier, Kasikornbank and IBM launched a blockchain-based platform solutions Hyperledger Fabric. This spring, it was joined by 14 banks of Thailand, the project participants intend using the platform to reprovisioning the issue of letters of guarantee.