It seems the banking industry has decided “if you can’t beat ‘em, join ‘em”. IBM is helping them modernise their infrastructure and processes with the use of blockchain. Currently, banks use a number of intermediaries when sendin...
It seems the banking industry has decided “if you can’t beat ‘em, join ‘em”. IBM is helping them modernise their infrastructure and processes with the use of blockchain. Currently, banks use a number of intermediaries when sending money and IBM has created a global payments network across 50 countries using stable coins.
Interestingly, they’ve decided to use Stellar as their protocol to create and use these stable coins. World Wire is serving as the network provider for international payments. IBM announced a pilot with World Wire back in October 2017 and it appears that trial has matured into a growing partnership.
"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 says World Wire is the first blockchain network to integrate payment messaging, clearing and settlement on a single unified platform.
source https://www.tokentalk.co/TokenTalk/ibm-uses-stellar-to-launch-blockchainbased-payments-network-5c90129617350d7f393de636
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