IBM has announced the launch of a new blockchain solution that can help financial institutions address the processes of cross-border payments.
The technology enterprise IBM has announced the launch of a new blockchain solution that can help financial institutions address the processes of universal cross-border payments.
According to IBM`s press statement, the service has been designed to reduce the settlement time and lower the cost of completing payments for business and consumers around the globe. The offering relies on the IBM Blockchain and has been developed in collaboration with Stellar.org and KlickEx Group.
Stellar.org is a Silicon Valley-based non-profit organization that supports the Stellar network, a free, open-source network that connects diverse financial systems and allows anyone build low-cost financial services. KlickEx.com is a cross-border payments system delivering financial infrastructure for emerging markets, as well as regional compliance system, active in reducing compliance costs for countries linked to the system.
Working with these two companies, IBM launched the Blockchain-based solution that is intended to improve the speed in which banks clear and settle payment transactions. The product is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the UK, as IBM pointed out in their press release.
“With the guidance of some of the world’s leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world.”, said Bridget van Kralingen, Senior Vice President of IBM Industry Platforms.
The company has attracted bank leaders like Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia and others.
As pointed out earlier, the solution is run on the IBM Blockchain Platform on Hyperledger Fabric, one of the Hyperledger projects hosted by The Linux Foundation.