IBM launches blockchain partnership for improved cross-border payments
IBM has announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers.
At present, making international payments can be costly, laborious and error-prone. Transactions in different currencies can require multiple intermediaries and take days or weeks to complete.
According to the World Bank, initiatives to modernize payments and provide financial access could improve the flow of currency and commerce, and help achieve the goal of extending financial services to one billion people by 2020.
Working in collaboration with technology partners Stellar.org and KlickEx Group, the innovative solution is intended to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.
“This is the first time anyone has made blockchain work at an institutionally viable scale,” said Robert Bell, Chairman of Advanced Pacific Financial Infrastructure for Inclusion (APFII) and founder of KlickEx Group.