IBM debuts blockchain network for cross-border payments – FinTech Futures

- Advertisement -

IBM has unveiled a global blockchain network, Blockchain World Wire, that will offer near real-time cross-border payment exchange and international settlement.

“By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide”

Blockchain World Wire can transfer funds in 47 currencies to locations in 72 countries, and the company is calling it the first blockchain network of its kind to integrate payment messaging, clearing and settlement in a single unified network.

“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most,” general manager of IBM Blockchain Marie Wieck says. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”

Blockchain World Wire leverages the Stellar protocol to support point-to-point money transfers, cutting out the intermediaries of conventional correspondent banking. World Wire also shortens settlement time by transmitting value via digital assets (cryptocurrencies or stable coins).

The network currently supports settlement with Stellar Lumens and a US dollar-based stable coin. Six global banks have signed letters of intent to issue their own stable coins on the network, which will add the Euro, the Indonesian Rupiah, the Philippine Peso, the Korean Won, and the Brazilian Real to the mix.

- Advertisement -

Rizal Commercial Banking Corporation (RCBC) of the Philippines and Banco Bradesco of Brazil are among the banks that have announced their participation in IBM’s new initiative. Representatives from both institutions highlighted “innovation” and the need to “enhance” or “add value” to the customer experience as key factors in the decision to join the network. Also believed to have signed a letter of intent is South Korea’s Banco Busan.

Only recently, IBM announced its partnership with CULedger, a credit union service organisation (CUSO), to develop blockchain-based services for credit unions.

source

Previous Articles:

- Advertisement -

Latest

AUSTRAC Imposes $5,000 Limit on Crypto ATM Cash Transactions

Australia introduces a $3,250 limit on crypto ATM cash transactions to address rising scam activity. AUSTRAC sets new rules for crypto ATM operators, including enhanced...

Ethereum Foundation Lays Off R&D Staff Amid Protocol Restructuring

Ethereum Foundation has laid off some research and development staff as part of a restructuring.The organization is renaming its Protocol Research and Development division...

Hyperliquid Trader James Wynn Gambles Donations, Faces Losses Again

Crypto trader James Wynn used over $20,000 in donations to fuel a high-risk bet on the Hyperliquid exchange. The funds boosted his $100 million Bitcoin...

Circle Upsizes IPO, Targets $7.2B Valuation After Ripple Bid Fails

Circle has increased both the number of shares and the price range for its planned IPO in a new SEC filing.The company now targets...

TRON Leads Real-World Stablecoin Payments as Tether Dominates Use

Stablecoin real world payment volume reached an annualized $72 billion in February, according to Artemis.Business-to-business (B2B) payments made up half of the $6 billion...

Must Read

10 BEST Companies to Buy Hosting With Bitcoin And Crypto

If you are looking to buy hosting with bitcoin or cryptocurrency then you've come to the right place.I've done the research for you...