Visa, an American multinational financial services corporation and the world’s largest credit card company, has secured a strategic partnership with blockchain solutions provider BTL Group, to build a blockchain-based interbank payment settlement system.
BTL Group is the development team behind Interbit, an Ethereum blockchain-based payment and smart contract platform widely utilized by major financial institutions and banks. The company is focused on the development and distribution of blockchain-based systems built to handle international cross-border payments securely and more efficiently. BTL Groups’s share price jumped to an all-time high on the positive news.
Utilizing the payment and decentralized settlement infrastructure of BTL Group, Visa will pilot test international transfers of money in the blockchain network with its lenders and customers over the next 100 days. The organization will particularly exploit the blockchain technology’s ability to reduce cost, settlement time, credit risk, and optimize transactions between banks and other financial institutions.
Visa Europe Collab has also begun to search for other partners to join the project between Visa and BTL Group. The company’s international innovation hub is looking for a limited number of European banks to utilize