According to Visa Thailand manager Suripong Tantiyanon, the B2B Connect platform enables the company to make greater use of the services provided by the company through the use of a patented blockchain technology:
“This VSA B2B Connect platform allows participating banks to make international payments of high amounts. 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“.
In addition to a high level of security, the platform allows a high level of transparency of the entire payment process, thus providing bank customers with additional security.
The B2B Connect platform was announced in 2016 by the credit card giant and was developed in collaboration with Chain Inc, a San Francisco-based company specializing in the development of blockchain encryption.
The infrastructure used is called Chain Core and is at the forefront of security and transparency. Experiments with this new technology are also underway in the USA with the Commerce Bank, in South Korea with the Shinhan Bank, in Singapore with the United Overseas Bank and in the Philippines with the Union Bank.