Blockchain firm BTL launches project with VISA Europe Collab
Initiative to explore the roles blockchain could play in interbank settlements in the future
September 1st, 2016, London UK: Blockchain firm BTL GROUP LTD. (TSX Venture: BTL) today announced it has entered into a project with Visa Europe Collab to investigate potential applications for blockchain technology in the financial services ecosystem.
The project will use BTL’s cross-border settlement platform Interbit to explore the ways in which a 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. A small number of European banks have been invited to participate in the project. Further information about the project can be found here on the Visa Vision blog.
Guy Halford-Thompson, CEO of BTL said: “We are very excited to be working with Jon Downing and his team at Visa Europe. This is a great opportunity for forward-thinking banks to take part in a blockchain based settlement pilot backed by one of the world’s leading financial institutions, and to showcase the abilities of BTL’s Interbit platform.”
BTL is based at the FinTech at FinTech accelerator Level 39 in Canary Wharf and is a member of Innovate Finance.
BTL is a technology company whose current business is focused on developing blockchain technologies to disrupt and transform existing industries. Technology is developed in-house and through BTL’s incubator and accelerator programs, based in Vancouver, British Columbia. BTL’s first technology platform is a remittance business called Xapcash which, combined with BTL’s proprietary cross border settlement technology (Interbit), is focused on leveraging blockchain technology to create rapid and cost effective “cash-in cash-out” settlement solutions from Canada and the United Kingdom to target countries.