Visa announced the launch of the interbank transfer system based on the blockchain.
Thus the company is going to provide competition to Swift and reform the interbank payment sector.
Main tasks of the new system are to reduce transaction costs and credit risks, and, consequently, to increase the amount of interbank operations. Their processing will be entrusted to smart contracts.
The company has been examining the blockchain technology over the last year and a half and has engaged BTL Group, a startup focusing on electronic transactions.
Testing of the new system will require more than three months.
It is not the only Visa’s blockchain developments: previously, the company has announced plans to create micro payment systems based on the block chain.
