Kasikornbank, Thailand-based large banking group became the first bank in the country to participate in the Visa B2B Connect pilot program. The solution designed by Visa payment system and attracting the interest of other banks globally was developed to simplify, secure and speed up the cross-border banking payments.
Created on the blockchain enterprise, the system is designed for the “exchange of high-value international payments between participating banks on behalf of their corporate clients,” said Suripong Tantiyanon, the country manager at Visa Thailand.
As the first adopter of the technology, Kasikornbank, is seeing the program as a way to bring all its benefits to their customers, as well as to become the leaders in Thailand’s traditional financial market.
“The Visa B2B Connect pilot which is the first step of a 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 KBank’s enterprise clients in terms of more secured payment,” said Siriporn Wongtriphop, the first senior VP at Kasikornbank.
Visa B2B Connect, was developed to sufficiently upgrade the existing international B2B payments. It is helping to make the method of the transaction processing faster and secure, conclusively cutting the cost and resources the banking industry is largely spending to process global business transactions.
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