Visa Europe collaborates with Epiphyte on using blockchain for remittances

FinTech | November 26, 2015 By:

Visa Europe Collab announced that it is partnering with Epiphyte to examine how bitcoin capabilities and blockchain technology can be used to develop a lower cost, faster and less complex remittance service.

“There is a real opportunity to develop an improved remittance service for both the sender and receiver of payments in terms of fees, speed and ease of use. That’s why we’re proactively exploring the area with Epiphyte, to see if the protocols and processes involved could be improved by utilizing blockchain technology,” said Visa Europe Collab innovation partner Jon Downing.

“International remittances are vital for millions of families across the world, but they can be expensive, cumbersome and slow. 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,” said Epiphyte CEO Edan Yago.

The proof of concept is already underway and is due to be completed within the next two months.

Visa Europe Collab is Visa Europe’s international innovation hub. Epiphyte is a startup specializing in distributed ledger solutions for the mainstream financial market.