Pilot Project Details
The project will use BTL's cross-border settlement platform Interbit to explore the ways in which blockchain-based settlements can reduce the friction of domestic and cross-border transfers between banks – reducing cost, settlement time, credit risk, and by leveraging smart contracts to automate many of the regulation and compliance requirements of domestic and international transfers. We are now inviting a small number of European banks to participate in the project, please see below the announcement from Visa Collab, this can also be seen on Visa Vision’s blog at http://vision.visaeurope.com/cross-border-blockchain/
Exploring the blockchain: cross-border settlement
By Hendrik Kleinsmiede, Co-Founder, Visa Europe Collab
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.”