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Philippines Banks to Adopt Visa Blockchain Payments Platforms

The publicly listed Union Bank, which has its headquartered in Manila, is leading the exertion and the firm has effectively signed on four rural banks, as indicated by a report in the Philippine News Agency. Visa first introduced its blockchain platform — business-to-business payments are also known as B2B Connect — in 2016, and a trial version of the service launched last year.

Its primary use case is for cross-border payments, as the blockchain ledger cuts out the need for an expensive intermediary. UnionBank was the first financial institution in the country to begin trialing B2B Connect, and it said that the goal of this new partnership is to help small banks increase the efficiency of their transactions.

“We’re co-creating the blockchain platform to be used by the rural banks,” said Henry Rhoel Aguda, UnionBank’s senior executive vice president and chief technology and operations officer, adding that the partnership would help the smaller banks “elevate their capabilities.”

As Strategic Coin reported, VISA CEO Alfred Kelly has stated that

 

I don’t view [bitcoin] as payment system player,” Kelly said, adding that he believes it is a “speculative commodity” rather than a currency. “We at Visa won’t process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions.

The recent breeze of collaboration and integration of blockchain technology in cross-border transaction processing seems in full swing.

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