Visa is expanding the testing of its B2B payments technology B2B Connect into Thailand according to reports The Nation reported that B2B Connect is now being piloted by Thailands largest bank Kasikornbank Visa is proud that we have representation from a Thai financial institution in the pilot program said Visa Thailand Country Manager Suripong Tantiyanon in a statement Building on the enterprise blockchain technology Visa B2B Connect is a new transaction platform designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients Managed by Visa end to end Visa B2B Connect combines Visas core capabilities in security governance and distributed ledger technology DLT Visa began testing the B2B payments solution earlier this year with UnionBank in the Philippines Other banks across the Asia-Pacific region including South Koreas Shinhan Bank and Singapores United Overseas Bank are also participating in the initiative as is Commerce Bank in the US Thailands Kasikornbank said jumping into the technology is part of its broader support for innovation in cross-border payments Kasikornbank is dedicated to delivering new and innovative solutions for our customers said the banks First Senior Vice President Siriporn Wongtriphop said in another statement Through our relationship with Visa we are excited to be participating in the Visa B2B Connect pilot which is the first step of a new paradigm in reimagining cross-border payment transactions As the first mover in Thailand we believe that KBank will be a leader in the industry which benefits KBanks enterprise clients in terms of more secured payment In addition to the development of a blockchain-powered cross-border B2B payments solution Visa recently expanded its focus on B2B payments through the acquisition of longtime partner Fraedom Theyve been great in reporting and spend management and in moving their solutions into digital said Kevin Phalen Visas head of global business solutions in an interview with Karen Webster in February about the acquisition We think we can accelerate that as an integrated solution Related Items B2B B2B Payments Blockchain cross-border payments fraedom international Kasikornbank M A News Thailand Visa Visa B2B Connect Whats Hot In B2B