September 1, 2016Blog Posts

Visa seeks bank volunteers for blockchain-based payment trial

Finextra:

Visa Europe is looking for banking partners to participate in a pilot project exploring the application of blockchain technology in domestic and cross-border funds transfers. The project will be run by Visa’s innovation unit, Visa Europe Collab, in conjunction with Vancouver-based blockchain outfit BTL. Visa says the proof-of-concept will use BTL’s interbank settlement platform Interbit to explore the ways in which a blockchain-based settlements can reduce the friction of domestic and cross border transfers between banks – reducing cost, settlement time, credit risk, and by applying smart contracts to automate many of the regulation and compliance requirements of domestic and international transfers.

 

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