Four rural banks have partnered with The Union Bank of the Philippines (UnionBank) for blockchain technology-reliant payment system. UnionBank will help those banks to boost the efficiency of their payments processes by building a local platform base on top of Visa's B2B Connect system.
It is the first Philippine bank chosen by Visa for the latter’s B2B Connect.
According to Henry Rhoel Aguda, UnionBank's senior executive vice president, the bank is co-creating the blockchain platform to be used by the rural banks. He hopes that in future more banks will be included in the program.
B2B Connect is a business solution platform that allows financial institutions to provide their clients fast and secure cross-border payments.
U.S.-based Commerce Bank, South Korea's Shinhan Bank, and the United Overseas Bank are also working with Visa on the B2B.