Visa Europe has unveiled a new international innovation hub called Visa Europe Collab based in London.

The hub will provide start-ups and technology entrepreneurs the insight, tools and connections to build payments-related technologies and services.

Initially, Visa Europe Collab is planning to take 20 ideas through its 100-day innovation funnel in its first year from initial scoping and qualification, through market testing and design to proof of concept.

Later, the best validated and commercially viable services will be sent back to the main body of the Visa business and further developed so that they can be commercially launched to Visa member banks, retailers and consumers.

Additionally, Visa Europe Collab is planning to open innovation hotspots in including Tel Aviv and Berlin shortly.

The design agency Seren, Cass Business School, and accelerator Digital Catapult have all joined the hub as partners.

Visa Europe Collab founder and co-creator Steve Perry said: "Now, through our innovation hub, we are creating a network of partners and a community that will help us provide the mentoring, advice and experience start-ups and entrepreneurs need to get their ideas off the drawing board and into the commercial world."

"We believe we can provide the glue that binds myriad stakeholders, such as innovators, banks, retailers, mobile operators and government together, to grow the ecosystem and ultimately deliver the best new payments services."