KBank-Visa to pilot blockchain based B2B payments

Visa announced Kasikornbank is the first Thai financial institution to join the Visa B2B Connect pilot program. 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.  The pilot is currently in the Bank of Thailand Regulatory Sandbox.

Kasikornbank is the first Thai bank to be included in the pilot designed to simplify the cross-border payments.  Globally, Visa has partnered with several other financial institutions on the pilot.

Suripong Tantiyanon, Country Manager, Visa Thailand said, “Visa is proud that we have a representation from a Thai financial institution in the pilot program.  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 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 for KBank’s enterprise clients in terms of more secured payment.”

“Visa’s focus is to provide our financial institution partner with access to our products, tools and expertise that will enable their growth and success.  With our technological capability and network, we are pleased to partner with Kasikornbank to create a more efficient, transparent way for business-to-business payments to be made across the world,” Mr. Suripong added.

With Visa B2B Connect, Visa aims to significantly improve the way international B2B payments are made by offering improved processing time and visibility into the transaction process – ultimately reducing the investment and resources required by banks and their corporate clients to send and receive business payments around the world.