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International Business Machines Corporation (IBM) announced today the launch of IBM Blockchain World Wire in many markets.
IBM Blockchain World Wire is a "global real-time payment network for regulated financial institutions" of the US-based multinational information technology company. It was created with the aim of optimizing and speeding up foreign exchange, cross-border payments and remittances – which has long been one of the promises of blockchain technology.
To date, IBM Blockchain World Wire has officially launched payment services in 72 countries with 47 currencies and 44 bank endpoints.
The IBM blockchain would be the first implementation of its kind to integrate messaging, reconciliation and payment settlement "while allowing participants to dynamically choose from a variety of digital assets to the rule".
We have created a new type of payment network designed to speed up remittances and transform cross-border payments to facilitate the movement of money in the countries that need it the most. By creating a network where financial institutions manage multiple digital assets, we hope to stimulate innovation and improve financial inclusion around the world.
IBM Blockchain World Wire uses the Stellar protocol (XLM) to facilitate point-to-point money transfers. By acting on a blockchain-based protocol, the need for intermediates is greatly reduced and transactions can be settled in seconds.
Luiz Carlos Brandao Cavalcanti, executive director of innovation and digital channels at Banco Bradesco, said:
Bradesco continually adopts innovations that enhance the customer experience and improve efficiency. The World Wire Network addresses both aspects and represents a valuable opportunity for Bradesco and its customers in Brazil.
Similarly, Manny T. Narcisco, Senior Vice President of CBRC, said:
RCBC is pleased to be a pioneer in innovation and plans to issue its own stable coin Peso on World Wire, pending final approval from our regulators. We focus on innovation that adds value to our customers and World Wire offers a great opportunity to transform and improve our payment infrastructure.
What do you think about IBM Blockchain World Wire? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.
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