Bangkok--20 Sep--Spark Communications
Kasikornbank is the first Thai bank in the pilot designed to simplify the cross-border payments, making it more transparent
Visa today 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 today 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.
About B2B Connect
Visa B2B Connect improves B2B payments by providing a system that is designed to be:
- Predictable and transparent: Banks and their corporate clients receive transaction notification and finality of payment
- Secure: Signed and cryptographically linked transactions to help ensure an immutable system of record
- Trusted: All parties in the network are known participants on a permissioned private blockchain architecture that is operated by Visa
About Visa Inc.
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visacorporate.tumblr.com and @VisaNews.