Visa Europe Collab, Visa Europe’s international innovation hub, is working on a proof of concept with Epiphyte, a startup specializing in distributed ledger solutions for the mainstream financial market.
The two firms are examining how bitcoin capabilities and blockchain technology can be used to develop a lower cost, faster and less complex remittance service.
Visa Europe Collab believes in the potential of blockchain technology to add value to areas that traditional payment systems have been less suitable for, including international remittances and micro payments.
Jon Downing, Innovation Partner – Emerging Payments at Visa Europe Collab, commented:
There is a real opportunity to develop an improved remittance service for both the sender and receiver of payments in terms of fees, speed and ease of use. That’s why we’re proactively exploring the area with Epiphyte, to see if the protocols and processes involved could be improved by utilizing blockchain technology.
Epiphyte and Visa Europe Collab have created a controlled test environment, running a series of real-world transactions which utilise bitcoin as an alternative to conventional remittance processing.
Edan Yago, CEO at Epiphyte, noted:
International remittances are vital for millions of families across the world, but they can be expensive, cumbersome and slow. We believe that blockchain technology has the potential to change all of that, but we need to find a way of making that technology work for the mainstream financial world. By combining Visa’s experience as the largest payments network in the world with our experience of the distributed ledger we’re hoping we can work together to reshape this sector for the better.
The proof of concept is already underway and is due to be completed within the next two months.
With offices in London’s Tech City, Tel Aviv and Berlin, Visa Europe Collab brings together an international community of partners and innovators to identify innovative ideas in payments and develop them into commercial reality.
Epiphyte specializes in distributed ledger solutions for mainstream finance with the broader goal of connecting established banking and payments protocols with blockchain and bitcoin networks in a low-risk and compliant way.