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

Visa blockchain

The most important financial institution by current market capitalization in Thailand, Kasikornbank, has turn out to be the very first fiscal institution in the Southeast Asian state to get on board the Visa B2B Connect platform. Intended to enable rapidly and safe cross-border payments in between firms applying blockchain technological know-how, the platform depends on a permissioned private blockchain architecture which is operated by worldwide fiscal providers agency, Visa Inc.

In accordance to Visa Thailand’s state manager, Suripong Tantiyanon, the B2B Connect platform will make in depth use of the main abilities of the worldwide fiscal providers corporation in governance, security and distributed ledger technological know-how, per The Country.

“Building on the company blockchain technological know-how, Visa B2B Connect is a new transaction platform made for the trade of superior-worth intercontinental payments in between participating banking institutions on behalf of their company clients,” reported Suripong.

Enhanced Transparency

Aside from speed and security, Visa B2B Connect platform will also present enhanced visibility in the transaction procedure for Thailand’s fourth-largest financial institution in phrases of property, loans and deposits.

“With our technological ability and network, we are delighted to partner with Kasikornbank to make a more successful, transparent way for business-to-business payments to be produced across the globe,” extra Suripong.

Announced in October 2016, the Visa B2B Connect platform was made in partnership with Chain Inc, a cryptographic ledger corporation primarily based in San Francisco, California, applying an company blockchain infrastructure recognised as Chain Core. As revealed by Visa and Chain at the time, the predictability and transparency of the platform is aided by the point that banking institutions, as effectively as their company clients, are offered with near genuine-time notification on the status of transactions.

The very first financial institution-to-financial institution test transactions on the Visa B2B Connect platform have been performed previous calendar year in November with some of the earliest banking institutions to sign up for the program currently being United States’ Commerce Lender, South Korea’s Shinhan Lender, Singapore’s United Overseas Lender and the Philippines’ Union Lender.

No need for USD

As earlier claimed by CCN, this is not the very first time that Kasikornbank is piloting a blockchain platform for creating cross-border payments. In late 2016, for instance, Kasikornbank partnered with Global Company Settlement, a Chinese fintech agency, to develop a blockchain platform concentrated on creating cross-state payments in between China and Thailand in the native fiat currencies of the two nations around the world. This blockchain platform obviated the need for the conversion of the Chinese yuan or Thai baht to the greenback at any level in the transactions.

“IBS has the technological know-how and network to aid intercontinental settlements that is not primarily based just on the U.S. greenback, at a time when the yuan’s intercontinental existence is increasing,” the chairman of Kasikornbank, Banthoon Lamsam, reported at the time.

Highlighted graphic from Shutterstock.

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