VISA to Test Blockchain Payments among Banks; a SWIFT Rival?
VISA and blockchain-technology partner BTL will invite a select group of European banks to participate in a blockchain project that will see inter-bank payments made via transfers over the ledger. Hot on the heels of the likes of R3, Visa will experiment its own blockchain-based payments platform with a select group of banks who will send money over a blockchain. The proof-of-concept project will use Interbit, a cross-border blockchain remittance and settlement platform developed by industry startup BTL. Launched earlier this year, the Interbit platform is seen by Visa as the solution to....
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Visa has rolled out VisaB2B, which uses blockchain technology developed in partnership with Chain Inc., challenging the SWIFT messaging network as the dominant method for moving large sums across borders. The article stated that amid dozens of blockchain experiments by banks and other players, VisaB2B is among the first commercial blockchain products to emerge. Some technology analysts have warned that blockchain will not live up to its expectations. Banks Invest $1 Billion+ Banks alone will invest more than $1 billion in blockchain technology, according to Greenwich Associates, with....
Visa is working on a blockchain-based solution for cross-border, business-to-business exchange called Visa B2B Connect. Cross-border payments between businesses is a complex market that is fraught with problems but is lucrative nonetheless, a potential that Visa seems eager to tap into. Visa Unveils its Collaborative Project. Visa, in collaboration with tech start-up, Chain Inc., unveiled the project on October 21, 2016. Chain, a startup that Visa happens to be an investor in, has also worked with Google, Salesforce, Microsoft, Square, and among others in the past. Visa B2B Connect seems....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
American multinational financial services corporation, Visa, is inviting lenders to test its interbank transfer system that sends money over a blockchain. Visa’s New Blockchain Project. Hendrik Kleinsmiede, co-founder of Visa’s innovation hub, Visa Europe Collab, said in the announcement that the project is designed to “reduce the friction of domestic....
Visa’s London-based innovation lab has announced its latest blockchain trial will focus on interbank payments. Visa Europe Collab revealed today it has partnered with Toronto-based BTL Group to explore how the startup’s interbank settlement system can leverage blockchain and smart contracts to streamline domestic and cross-border payments between banks. In statements, Hendrik Kleinsmiede, co-founder of Visa Europe Collab, said the two partners are now inviting European banks to participate in trials that would see them using the emerging technology for live payments to better explore its....