Thailand’s Kasikornbank to Pilot Visa’s Blockchain Cross-Border Payments System

Visa blockchain

The major lender by sector capitalization in Thailand, Kasikornbank, has turn out to be the initial monetary establishment in the Southeast Asian place to get on board the Visa B2B Connect platform. Made to enable fast and safe cross-border payments concerning organizations working with blockchain technological know-how, the platform relies on a permissioned private blockchain architecture which is operated by worldwide monetary services company, Visa Inc.

According to Visa Thailand’s place manager, Suripong Tantiyanon, the B2B Connect platform would make considerable use of the core abilities of the worldwide monetary services corporation in governance, security and dispersed ledger technological know-how, for each The Nation.

“Building on the enterprise blockchain technological know-how, Visa B2B Connect is a new transaction platform intended for the trade of significant-benefit intercontinental payments concerning collaborating banking companies on behalf of their corporate clientele,” mentioned Suripong.

Improved Transparency

In addition to pace and security, Visa B2B Connect platform will also give improved visibility in the transaction process for Thailand’s fourth-major lender in terms of belongings, loans and deposits.

“With our technological ability and community, we are pleased to lover with Kasikornbank to make a far more productive, clear way for company-to-company payments to be created across the environment,” additional Suripong.

Declared in October 2016, the Visa B2B Connect platform was designed in partnership with Chain Inc, a cryptographic ledger corporation dependent in San Francisco, California, working with an enterprise blockchain infrastructure regarded as Chain Core. As revealed by Visa and Chain at the time, the predictability and transparency of the platform is aided by the reality that banking companies, as effectively as their corporate clientele, are supplied with close to true-time notification on the status of transactions.

The initial lender-to-lender test transactions on the Visa B2B Connect platform have been carried out previous yr in November with some of the earliest banking companies to join the application getting United States’ Commerce Financial institution, South Korea’s Shinhan Financial institution, Singapore’s United Overseas Financial institution and the Philippines’ Union Financial institution.

No require for USD

As beforehand documented by CCN, this is not the initial time that Kasikornbank is piloting a blockchain platform for making cross-border payments. In late 2016, for instance, Kasikornbank partnered with Worldwide Company Settlement, a Chinese fintech company, to acquire a blockchain platform centered on making cross-place payments concerning China and Thailand in the native fiat currencies of the two nations around the world. This blockchain platform obviated the require for the conversion of the Chinese yuan or Thai baht to the dollar at any place in the transactions.

“IBS has the technological know-how and community to aid intercontinental settlements that is not dependent just on the U.S. dollar, at a time when the yuan’s intercontinental presence is expanding,” the chairman of Kasikornbank, Banthoon Lamsam, mentioned at the time.

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