Economy

IBM launches blockchain offering to consolidate cross-border payments

IBM along with its technology partners, Stellar and KlickEx Group, had joined together in a collaboration for the blockchain.

The move will allow merchants and consumers to send money to another country in less time that will reduce the cost of making global payments.

In an example to this IBM said; that farmer residing in Samoa may quickly be able to contract a buyer staying in Indonesia, and using the BlockChain it can record everything right from farmer's collateral to the payments to letters of credit. Traditionally, cross-border payments have involved numerous intermediaries who initiate, clear, and finalize any transaction involving multiple currencies.

IBM will continue to expand upon its blockchain to make advances to support central bank-issued digital currencies, securities, bonds and financial assets. It will reportedly be processing up to 60% of all payments of cross-border in the retail foreign exchange corridors of South Pacific by next year. The solution is meant to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.

Today, making worldwide payments in developing countries can be costly, laborious and error-prone, with transactions in different currencies often requiring multiple intermediaries and taking days or weeks to complete.

IBM says that improving the flow of money and commerce could have a profound impact. According to the World Bank, initiatives to modernize payments and provide financial access could help achieve the goal of extending financial services to one billion people by 2020.

The solution integrates the IBM Blockchain Platform, which runs on Hyperledger Fabric, with the Stellar network. Settlement times can be reduced from days to mere seconds.

The banking network incorporates; "12 currency corridors", which encompass New Zealand and Australia, along with smaller countries like; Tonga and Fiji. It is being created to augment financial flows worldwide, for all payment types and values.

Tech giant IBM today announced a new blockchain network to allow banks to better process cross-border payments. Among the banks and institutions taking part are Bank Danamon Indonesia, Bank Madiri, Bank Negra Indonesia, Bank Permata, Bank Rakyat Indonesia, Mizuho Financial Group, National Australia Bank, and the TD Bank, Wizdraw (HK) of WorldCom Finance.



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