FOSTER CITY, Calif.—Reports indicate that Visa is working on a proof of concept for a Blockchain-based remittance system through its subsidiary Visa Europe.
Visa has already started working in collaboration with Blockchain services provider Epiphyte to develop an alternative to conventional remittance processing, Money Times reported. The collaboration with Epiphyte is expected to develop a new remittance solution based on Blockchain.
Though the complete details are not yet available, the Blockchain proof of concept project is being worked out in a controlled test environment simulating real-world remittance transactions, and is expected to be completed in next two months, Money Times reported.
Visa Europe is grouping over 3,800 European banks and other payment providers as part of the ongoing Blockchain project.