Five Filipino banks are combined for joint use Visa payment platform based on the blockchain.
According to Philippine news Agency, Union Bank of the Philippines (UnionBank) will assist the four unnamed banks, creating a local platform in a B2B system Visa.
Henry Real Aguda, senior Executive Vice President of UnionBank and chief technology and operations, commented on this partnership:
We work together to create blockchain-based platform that will be used by these banks.
Aguda also indicated that in the future the program may include other banks:
We want to continue to grow. Now we are counting 4-e Bank, and we will expand as long as will be able to support all members.
In November 2017, Visa has launched in test mode the system of payment in conjunction with a blockchain startup Chain. B2B Connect is designed to facilitate international payments and allows you to make payments directly between institutions, thereby eliminating the need for intermediaries. In the middle of this year planned full launch of the system.
On this project with Visa is an American Bank Commerce Bank, Shinhan Bank from South Korea and the United Overseas Bank, based in Singapore.