IBM announces blockchain solution

IBM announces major blockchain solution to speed up global payments

IBM announces blockchain solution
IBM 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.

Using IBM Blockchain, and in collaboration with technology partners Stellar.org and KlickEx Group, the solution is intended to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.

According to IBM, the solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom.

IBM industry platforms senior vice president Bridget van Kralingen said IBM has convened an initial group of diverse banking leaders as part of the development and deployment process. “Making distributed ledger technologies more interoperable is the latest example of IBM’s leadership driving the rapid advancement of blockchain”.

IBM said it will continue to advance the solution with the goal of expanding capabilities in order to support central bank-issued digital currencies, securities, bonds and structured financial assets.

Stellar co-founder Jed McCaleb said: "This new innovation and collaboration represents a significant milestone for Stellar as well as the financial technology industry as a whole.

“This new implementation is poised to start a profound change in the South Pacific nations, and once fully scaled by IBM and its banking partners, it could potentially change the way money is moved around the world, helping to improve existing international transactions and advancing financial inclusion in developing nations,” McCaleb said.


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