Visa Europe Collab, the global hub for Visa Europe International, and Epiphyte, provider of a block-chain-based software as a solution (SaaS) for immediate financial transactions, are combining their expertise to develop a more efficient global remittance service they told CCN.com in an email. The companies are working on a proof-of-concept to use bitcoin and block chain capabilities to make remittance services more efficient and easier to use. Epiphyte specializes in distributed ledger solutions for the mainstream financial market. The proof of concept is scheduled for completion in the next two months.
Visa Europe Collab sees an opportunity to create a better remittance service for both the receiver and sender of payments in terms of speed, fees and ease of use, according to Jon Downing, an innovation partner for emerging payments at the company. He said block chain technology can add value to areas where the traditional payment rails have been less suitable for international remittances and micro payments.
The two companies have developed a controlled test to run real world transactions utilizing bitcoin instead of traditional remittance processing.
Downing said Visa Europe Collab wants to see if the block chain can improve protocols and processes.
Edan Yago, CEO at Epiphyte, said global remittances are critical to millions of families but can be slow, cumbersome and expensive. He said block chain technology can change this, providing there is a way to ensure the technology works for the mainstream financial sector.
Combining Visa’s experience in network payments with Epiphyte’s expertise with the distributed ledger will hopefully reshape the remittance sector, Yago said.
Visa Europe Collab works out of facilities in London, Tel Aviv and Berlin, bringing together global partners to identify payment capabilities and bring them to market.
London-based Epiphyte provides a block-chain-based SaaS solution for immediate settlement of financial trades and transactions. The company claims some of the world’s largest financial solutions for FX, commodity and private equity trades are using its solution.
Featured image from Shutterstock.
Last modified: August 9, 2020 5:58 PM UTC