Carbon credit settlement platform Carbonplace has revealed it has successfully carried out a pilot transfer with Visa.
According to Finextra, Visa purchased Verra-certified credits from Sustainable Carbon, which is a carbon credit project developer in a key step ahead of a planned launch later in 2022.
The transfer was facilitated by two of Carbonplace’s founding banks, NAB and Itaú Unibanco.
The two partners said the pilot demonstrates the capability of Carbonplace’s settlement technology to significantly increase the speed, efficiency and security required to support the growing demand for voluntary carbon credits.
The banks participating argue that they can collaboratively leverage their existing infrastructure, including KYC and AML procedures, to deal with some of the challenges that have held back the development of the voluntary carbon markets.
NAB group executive, corporate and institutional banking David Gall said, “Carbonplace is creating new opportunities to help our customers as they take action to reduce their emissions and achieve their own targets.
“This successful pilot transaction with Visa is a significant step towards being able to help more of our customers tackle existing barriers and make carbon credits more accessible to everyone.”
Copyright © 2022 FinTech Global