Visa’s diving into blockchain technology with a brand new project focused upon revamping remittances.
Visa Europe Collab, the company’s innovation arm, is working on a proof-of-concept in order to “explore an alternative to conventional remittance processing” using the blockchain. They’re teaming up with a Bitcoin startup called Epiphyte, which helps the big financial players gain legal access to the Bitcoin blockchain.
This Visa Europe Collab project has been in development for 100 days and will be sharing findings soon, according to a blog post.
Visa isn’t the only major financial player interested in exploring online assets for remittance transmissions. A cryptocurrency business known as Ripple is focused on developing direct digital channels for banks to send international money transfers without having to pay larger bank to facilitate transfers. Rebittance is another company offering a service for consumers which aims at sending money internationally at a low price.
However this is the first time a major financial organization has publicly began an exploration into using the blockchain to power global money transfers.
To read more click here.