A Blockchain Payment System Launched By Visa, Unionbank

Today there was an announcement from Visa and UnionBank that they are going to offer the first direct blockchain payment system for businesses in Philippines.

It is possible with Visa B2B Connect to complete fund transfers in real time or within 24 hours instead of 3 to 5 days using conventional channels, as the UnionBank chairman said.

Viktam Kshettry, the head of business-to-business partnership at Visa Asia Pacific said this program takes on innovative approach and eliminates friction for cross-border transactions by using distributed ledger technology to enhance the speed, security and reliability of transactions.

Visa will offer the payment platform using 23 fiat currencies and 4 partner banks including Commerce Bank in the US, Shinhan Bank in South Korea, Sberbank in Russia and United Overseas Bank in Singapore, Kshettry said.

The service will be completed and started by the end of 2018.

The Unionbank’s chief technology officer Henry Aguda said that blockchain technology, which is used to trade bitcoins is unchangeable and Visa has security protocols for many years.

Aguda told ABS-CBN News:

“Some platforms have security as a separate platform, with blockchain security is embedded, it takes advantage of cryptography. The chain itself cannot bugged, cannot be spoofed”.