Visa Europe Collab Partners with Startup to Test Blockchain for Remittances

Visa Europe Collab has partnered with a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term tech startup, Epiphyte, to test the technology for international remittances.

Visa Europe Collab is the innovation lab of Visa Europe, which until a few days ago was a completely distinct entity from Visa Inc (NYSE:V), the world's largest electronic Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term network. Successful ideas from the lab are developed into real-world applications through Visa Europe.

Visa joined the blockchain party earlier this year when it disclosed its research plans as part of a broader FinTech initiative. It is also one of the main investors in Chain, a crypto startup now developing blockchain technology for the broader financial markets.

According to it website, "Epiphyte provides a blockchain powered SaaS service that delivers instant settlement and DVP (delivery versus payment) for financial trades." It says that its system is being used by some of the world's largest financial institutions for FX, commodity, private equity trades and others.

According to a press release, the companies are simulating real-world transactions with Bitcoin as an alternative to conventional remittance processing. The aim is to bring down the high cost and lead time, a goal that is one of the most researched in FinTech today.

The partnership with a heavyweight payment processor may help bridge the gap between the many proofs-of-concept and the real world.

Epiphyte CEO Edan Yago commented, "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."