The project continues Visa’s exploration of the potential applications for blockchain technology in the financial services ecosystem. BTL’s interbank settlement platform called Interbit will be used to explore the ways in which a blockchain-based settlement solution can reduce cost, settlement time, credit risk, and leverage smart contracts to streamline and automate many of the regulation and compliance requirements of domestic and international transfers.
Visa has invited a small number of European banks to participate in the project alongside BTL. Participating banks will be able to connect to the network and send funds to other banks in the network across multiple currencies.
Through the use of smart contracts and blockchains, Visa intends to create a fast, compliant and low-cost interbank payment and settlement service, with embedded regional compliance. The PoC will deliver a first-of-its-kind blockchain-based settlement system.
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