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

Visa blockchain

The most important financial institution by sector capitalization in Thailand, Kasikornbank, has turn out to be the 1st fiscal institution in the Southeast Asian place to get on board the Visa B2B Join system. Built to empower rapidly and protected cross-border payments in between businesses making use of blockchain engineering, the system relies on a permissioned non-public blockchain architecture which is operated by world economical companies business, Visa Inc.

According to Visa Thailand’s state supervisor, Suripong Tantiyanon, the B2B Link system will make considerable use of the core abilities of the global money solutions firm in governance, safety and distributed ledger engineering, for each The Country.

“Building on the enterprise blockchain technology, Visa B2B Join is a new transaction platform made for the exchange of high-price international payments concerning collaborating financial institutions on behalf of their company clients,” explained Suripong.

Increased Transparency

Apart from pace and protection, Visa B2B Link system will also provide improved visibility in the transaction procedure for Thailand’s fourth-premier bank in conditions of belongings, financial loans and deposits.

“With our technological capability and network, we are happy to companion with Kasikornbank to develop a additional successful, clear way for small business-to-enterprise payments to be built throughout the world,” extra Suripong.

Introduced in October 2016, the Visa B2B Connect platform was produced in partnership with Chain Inc, a cryptographic ledger organization dependent in San Francisco, California, working with an enterprise blockchain infrastructure known as Chain Core. As uncovered by Visa and Chain at the time, the predictability and transparency of the system is aided by the truth that banks, as nicely as their company customers, are furnished with in close proximity to actual-time notification on the status of transactions.

The very first bank-to-bank test transactions on the Visa B2B Hook up system were being executed previous yr in November with some of the earliest financial institutions to be part of the system becoming United States’ Commerce Bank, South Korea’s Shinhan Bank, Singapore’s United Abroad Bank and the Philippines’ Union Bank.

No will need for USD

As earlier noted by CCN, this is not the 1st time that Kasikornbank is piloting a blockchain platform for building cross-border payments. In late 2016, for occasion, Kasikornbank partnered with International Enterprise Settlement, a Chinese fintech company, to create a blockchain platform targeted on creating cross-region payments amongst 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 dollar at any position in the transactions.

“IBS has the technological innovation and network to aid intercontinental settlements that is not based just on the U.S. greenback, at a time when the yuan’s worldwide presence is expanding,” the chairman of Kasikornbank, Banthoon Lamsam, said at the time.

Featured image from Shutterstock.

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