Visa’s New Playground: Banks Get Schooled on Tokens and Smart Contracts!

Visa the giant payment provider is helping banks to test tokenized assets and smart contracts using a platform that they designed for it.

The platform will ensure banks can have a test on how tokenized assets work and keep an eye on the evolution of smart contracts. This means, Banks will need do evolve to a Blockchain era and start issuing Fiat backed tokens that will then be tested in the Visa platform.

Visa will offer, as I state above, the platform to help those financial institutions to get insights on smart contracts and how they can benefit them in real-time. But how this platform works?

It's pretty straight forward system as Banks in order to test the Visa platform, must first issue tokens backed by deposits made by customers and use the tokens to test the Visa platform and it can be to send money between banks but not using the traditional manner, using a transfer in tokens backed by Fiat.

Imagine that a client want to send money to a different Bank than he use, he could approach to the Visa platform and use the issued tokens backed by his Fiat to send the money to the receptor. The receptor, get it and he can choose to keep the tokens or exchange it for money and give it a use.

This means, the Visa platform is the testing ground for banks test their tokens backed by Fiat which, can one day start using them in authorized dealers and amplify their reach and a more friendly use by the customers. Remember:

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