On the basis of blockchain technology
Within the new arrangement of the Union Bank of the Philippines (UnionBank) will help four rural banks which aim to increase the efficiency of the transactions which are realized by them, having created the local platform on the basis of the Visa B2B Connect system. UnionBank is the first bank on Philippines which began to use B2B Connect.
“We jointly create the platform a blockchain which will use rural banks. We want to grow from four to so many how many we will be able to support” — Henry Ryoel Aguda, the high executive vice-president of UnionBank and the chief specialist for technologies and operations said.
The largest operator of the credit cards Visa launched system testing of payments of B2B on the basis of a blockchain in partnership with Chain startup in November 2017. B2B Connect is intended for facilitation of cross-border payments, allowing to realize transactions directly between institutions, thereby moving away from the intermediary. Service will become available to the remaining organizations from the middle of the current year.
Besides, such banks as the American commercial bank, South Korean Shinhan Bank, and United Overseas Bank which is based in Singapore work with the B2B project.