New system speeds up global money transfers

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IBM on Monday announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments, designed to reduce 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.

The solution is already processing live transactions in 12 currency corridors across the Pacific islands, Australia, New Zealand and the United Kingdom.

IBM has convened an initial group of diverse banking leaders as part of the development and deployment process, including Kasikornbank Thailand, Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank and Wizdraw (HK) of WorldCom Finance.

The Nation
Republished with permission from The Nation
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