IBM has launched a real-time global payments network for regulated financial institutions called Blockchain World Wire, designed to ease friction in cross-border payments. IBM launched the network at Money 20/20’s Asia conference and said it is the first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single network. The network utilises the Stellar protocol to enable financial institutions to optimise and accelerate foreign exchange, cross-border payments and remittances.
By using the Stellar protocol, World Wire transfers point-to-point in lieu of conventional banking, reducing intermediaries and is available in seconds by transmitting monetary value in the form of cryptocurrencies. IBM’s head of blockchain and digital currencies Jesse Lund launched the network and said it was designed to ease friction across the financial landscape. “We think it’s a radical reinvention of payments for the 21st century.
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