Visa Europe recently announced its collaboration with Epiphyte, a provider of blockchain-based software-as-a-solution (SaaS) for immediate financial transactions. Visa Europe Collab and Epiphyte, a recent graduate from San Mateo incubator Boost VC will be working on a proof-of-concept to use bitcoin and blockchain capabilities to make remittance services more efficient and easier to use.
Epiphyte provides a blockchain-powered SaaS service that delivers instant settlement and DVP (delivery versus payment) for financial trades. Our system is being used by some of the world’s largest financial institutions for FX, commodity, private equity trades and others.
A press release by Visa Europe Collab indicated that the company initiated the project as it believes blockchain technology could have valuable applications in the payment services industry, solving traditional industry pain points as it matures.
“By combining our experience as the largest payments network in the world with Epiphyte’s knowledge of the distributed ledger, we’re hoping we can identify ways to improve the experience and better understand how these findings might be applied to remittance processes in the future,” said Jon Dowing, Visa Europe Collab Innovation Partner.
“We’re now about halfway through the 100-day process and will share more news here about this exciting project in due course,” he added.
Visa Europe was recently purchased by Visa for as much as $23.4 billion in cash and stock. Before that, Visa Europe operated as a separate publicly traded entity.
The project currently consists of creating a proof-of-concept to run through a series of simulations within a test environment as an alternative to conventional remittance processing.
About Visa Europe Collab:
Operating out of London’s Tech City, Tel Aviv and Berlin, Visa Europe Collab brings together an international community of partners and innovators to identify the most exciting new ideas in payments and help develop them into commercial reality. The innovation hub will help the companies it works with by nurturing their talents, developing their potential and giving them access to the tools and the connections to grow their businesses and their ideas. Also, through the Visa Europe team, the hub will help these companies roll out their services to Visa’s network of banks, retailers and consumers across Europe. Visa Europe Collab’s wide range of partners include design agency Seren, Cass Business School and accelerator MassChallenge. Local Israeli partners include Terra Venture Capital which recently launched CREATE Tel Aviv, an innovation program that will help entrepreneurs develop products and technologies that address the needs of the international market. Visa Europe Collab is also in partnership discussions with a number of other local incubators, accelerators and government bodies.