UnionBank, Visa Intro Visa B2B Connect for a Direct Blockchain Payment System - TeknoGadyet
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Tuesday, January 23, 2018

UnionBank, Visa Intro Visa B2B Connect for a Direct Blockchain Payment System

UnionBank has teamed up with Visa to offer the country’s first direct blockchain payment system for business  Visa B2B Connect.

UnionBank, Visa Intro Visa B2B Connect for a Direct Blockchain Payment System
UnionBank, Visa Intro Visa B2B Connect for a Direct Blockchain Payment System


According to UnionBank, funds can be transferred in real time or within 24 hours once the system becomes available. Transaction fees will be decreased through Visa B2B Connect, too.

Visa B2B Connect will be offered using 23 fiat currencies, and 4 partner banks, namely Commerce Bank in the US, Shinhan Bank in South Korea, Sberbank in Russia, and United Overseas Bank in Singapore.

Head of Business-to-Business Partnership at Visa Asia Pacific Viktam Kshettry explained that the platform utilizes innovative approach and eliminates friction for cross-border transactions by using distributed ledger technology to enhance the speed, security and reliability of these transactions.

See Also: The ARK by UnionBank Holds "Show, Visit, Win a Gadget" Promo; Sony Products Up for Grabs

UnionBank assures consumers that Blockchain is immutable, as Visa has also established security protocols for many years.

Source: ABS-CBN

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