Kasikornbank (KBank) has become the first Thai financial institution to join Visa’s B2B Connect blockchain pilot programme.
B2B Connect is a blockchain based cross-border payment platform. Visa envisions a system that offers three key capabilities. Firstly, transparency by providing real-time notification and finality of payment for banks and their clients. Secondly, security as a result of cryptographically linked transactions provides an immutable record. And finally, trust as all parties are known and will work on a private blockchain.
Visa hopes this will remove some of the friction inherent to cross-border transactions.
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