Tech giant IBM has announced that its blockchain-based payments network for regulated financial institutions is now officially accessible in a growing number of markets.
First introduced in September 2018, the blockchain-based payments network, called IBM Blockchain World Wire, is designed to optimize and accelerate foreign exchange, cross border payments and remittances. IBM claims that it is the first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single unified network, while allowing participants to dynamically choose from a variety of digital assets for settlement.
In its announcement, the tech giant said that IBM Blockchain World Wire has officially launched payment services in 72 countries with 47 currencies and 44 banking endpoints. The network supports settlement using Stellar Lumens and a US dollar stable coin through IBM’s previously-announced collaboration with Stronghold. IBM said it will continue to expand the ecosystem of settlement assets based on client demand.
“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most,” said Marie Wieck, General Manager, IBM Blockchain. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”
IBM also announced that six international banks, including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation (RCBC), have signed letters of intent to issue their own stable coins on World Wire, adding Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the network.
“RCBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators,” said Manny T. Narcisco, First Senior Vice-President, RCBC. “We’re focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure.”
Source: Read Full Article