Five banks in the Philippines have teamed up to use payment platforms of Visa B2B Connect on the basis of the blockchain.
According to Philippine News Agency, under the new initiative, Union Bank of the Philippines (UnionBank) will assist the four unnamed provincial banks, which seek to improve the efficiency of their payment processes by creating a local platform on the basis of Visa B2B Connect. UnionBank is the first Bank in the Philippines that have implemented B2B Connect in their operations.
«We work together to create blockchain-based platform that will be used by provincial banks,» said Henry Aguda Reel (Henry Rhoel Aguda), senior Vice President of UnionBank and chief technology and operations.
Aguda also noted that in the future the program may be included more banks.
Leading provider of Visa payment cards launched
testing of the payment service B2B on the basis of the blockchain together with the start-up Chain in November 2017. B2B Connect is designed to facilitate cross-border payments, allowing them directly between institutions, thereby removing from the chain of intermediaries.
The commercial launch is planned for the middle of this year. With Visa on the project are American Commerce Bank, South Korea’s Shinhan Bank and Singapore’s United Overseas Bank.