(Bloomberg) -- Visa Inc., the world’s largest payments network, invited banks to participate in a pilot program that would use blockchain to send payments between the lenders.

Visa Europe Collab, the network’s London-based innovation hub, is partnering with BTL Group to explore applications for blockchain technology in financial services, Hendrik Kleinsmiede, a co-founder of the innovation hub, said in a blog post Thursday. The firms are reaching out to “a small number of European banks” to help test whether a blockchain-based solution can reduce costs, settlement times and credit risks associated with transfers between banks, according to the post.

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