International Business Machines Corporation (IBM) today announced the launch of IBM Blockchain World Wire in a wide range of markets.
IBM Blockchain World Wire is a "global real-time payment network for regulated financial institutions" of the American multinational information technology company. It was created with the aim of optimizing and speeding up foreign exchange, cross-border payments and transfers – a long-standing promise of blockchain technology.
At the moment, IBM Blockchain World Wire has officially started payment services 72 countries with 47 currencies and 44 bank endpoints.
Specifically, IBM's blockchain is reportedly the first such implementation to integrate payment messaging, clearing and settlement, "while allowing participants to dynamically select from a variety of digital assets for billing," said Marie Wieck, general manager of IBM Blockchain :
We have created a new payment network that will speed up remittance and convert cross-border payments to facilitate money transfers in countries where this is most needed. By creating a network where financial institutions support multiple digital assets, we expect to drive innovation and improve financial inclusion worldwide.
IBM Blockchain World Wire specifically uses the Stellar Protocol (XLM) to provide point-to-point cash transfers. Being a blockchain-based protocol, the need for intermediaries is drastically reduced and transactions can be completed within seconds.
Luiz Carlos Brandao Cavalcanti Junior, Innovation and Digital Channels Executive Director at Banco Bradesco commented:
Bradesco is continually innovating to improve the customer experience and improve efficiency. The World Wire Network addresses both aspects and therefore represents a valuable opportunity for Bradesco and its customers in Brazil.
Also, Manny T. Narcisco, RCBC's First Vice President, stated:
RCBC is pleased to be an early innovator who intends to issue our own stable peso coin at World Wire, subject to final approval by our regulators. We focus on innovation that adds value to our customers, and World Wire represents a tremendous opportunity to change and improve our payment infrastructure.
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