Stellar Networking Platform Collaborates With IBM

Stellar Networking Platform Collaborates With IBM

The collaborative project reportedly aims to develop a blockchain-based cross-border payment solution.

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Stellar`s price rose by more than 100% on Monday following the announcement of their partnership with IBM and KlickEx.

Stellar is a platform that connects banks, payments systems, and people.

The collaborative project reportedly aims to develop a blockchain-based cross-border payment solution.

This week IBM announced a blockchain-banking solution regarding cross-border payments. The company claims that the service will reduce both the cost and settlement time and the cost of transactions and will make international transfers more efficient.

Stellar`s technology is being used to enable frictionless, scalable, and virtually-free cross-border payment transactions. It is proven that their offering can securely process over 1,000 transactions per second with a billion unique user accounts, as Stellar claimed.

The product is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom, as Stellar wrote in their press release.

According to the announcement, IBM has attracted a group of diverse banking leaders as part of the development and deployment process. They are said to be Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, Wizdraw (HK) of WorldCom Finance, and other financial institutions.

“For the first time, public blockchain technology is being used in production to facilitate cross-border payments in multiple integrated currency corridors.”, said Jed McCaleb, co-founder of Stellar.

He added that this new service can enact change in the South Pacific region, while IBM and its banking partners, could potentially change the way money is being transferred around the world.