×

Exploring the blockchain: cross-border settlement

By Hendrik Kleinsmiede, Director of Innovation • Visa Europe

September 01, 2016

Here at Visa Europe Collab we are looking for partners to join a new pilot we’ve begun with blockchain specialist BTL Group.

The project continues our exploration of the potential applications for blockchain technology in the financial services ecosystem. This particular Proof of Concept (PoC) will use BTL’s interbank settlement platform Interbit to explore the ways in which a blockchain-based settlement solution can reduce the friction of domestic and cross border transfers between banks – reducing cost, settlement time, credit risk, and leveraging smart contracts to streamline and automate many of the regulation and compliance requirements of domestic and international transfers.

We’re now inviting a small number of European banks to participate in the project alongside us and BTL. Participating banks will be able to connect to the network and send funds to other banks in the network across multiple currencies. We’ll work closely together on the development and implementation of the PoC, ensuring that all participants come away with new knowledge and insight into the role that the blockchain could play in interbank settlements in the future.

For me the opportunity is a fascinating and potentially very beneficial one. Through the use of smart contracts and blockchains I believe we can 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, and we are pleased to be working with BTL to explore its implications and opportunities for our industry.

Banks who are interested in participating should contact Jon Downing at jon.downing@visaeuropecollab.com

Share this post

Like this post

Related Articles

Has the time arrived for biometrics?

July 14, 2016

Recent Visa research shows that 73% of people would like to use biometrics as a form of two-factor authentication. So how are we responding to the exciting opportunities offered by biometrics?

Jonathan Vaux Read More

3 great opportunities presented by regulation

December 15, 2015

I recently spoke at a roundtable on the EU’s new regulations on Interchange Fees (IFR) and Payment Service Directive (PSD2).

Davide Steffanini Read More

Postcards from Sweden’s Cashless Society

January 05, 2016

What does a cashless society really look like? Guess which famous Swedish songsmith is promoting cashless payments in his home country.

Nick Jones Read More

Lisbon Lessons from Young Entrepreneurs

July 08, 2015

I recently spent two days in Lisbon judging Junior Achievement’s Europe Enterprise Challenge – the grand final of the annual student start-up competition.

Bertrand Sava Read More

Purposeful Business: A Lesson from Greece

May 16, 2016

Visa has a corporate responsibility vision to equip young people across Europe to thrive in a digital economy. But what happens when one of our countries faces an existential economic crisis?

Nick Jones Read More

What retail wants from tech in 2016

December 16, 2016

In the last two weeks, Wired and UnBound events have hosted visionaries and practitioners of the retail world to talk about the ‘next big things’ shaping their industry in 2016 and beyond.

Diane Scott Read More

Prepaid leads the digital revolution

November 09, 2015

Imagine yourself in ten years time. Look back at how payments has evolved. What will be the stand-out change? What platform has made the difference? We think prepaid cards are on course to have a massive impact.

Greg Sheppard Read More