Visa Europe has announced it is working on a proof-of-concept for a blockchain-based remittance service.
Though details on the proof-of-concept were limited, the companies said they are working in a "controlled test environment" that is seeking to simulate real-world remittance transactions.
A press release by Visa Europe Collab indicated 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.
Visa Europe Collab innovation partner Jon Downing said in a statement:
A membership association that oversees Visa-branded products in European market, Visa Europe was recently purchased by Visa for as much as $23.4bn in cash and stock. Previously, Visa Europe had operated as a separate publicly traded entity.
The Visa Europe proof-of-concept is expected to be completed within two months, according to the company.
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