IBM Using Blockchain Technology To Speed Up And Simplify Cross-Border Payments
Blockchain has long been considered as a method to fast up and cheapen the cost of cross-border payments. There were even a few start-ups developing the relization of this issue. Recently, it was puzzled and IBM representative announced the launch of its own development, focused on the banking sector.
To launch cross-border payment system for banks, IBM teamed up with Blockchain Stellar and Kickex company.
Today, the realization of international transactions takes days and even weeks. That’s why TransferWise service was created. But it’s quite difficult for inexperienced users to work with, since it is designed for professionals and business.
In one example, IBM showed, that its service can work in different parts of the world, connecting a farmer from Samoa with a buyer from Indonesia.
“This technology is used not only for payments, but also for approval of contract terms, manage trade documentation, and also allows to receive letters of credit and, of course, to finalize the transaction and immediately pay for it. Also, this technology allows you to trade around the world transparently and relatively easy, “- reports IBM.
The new system is runing on unique IBM block-platform, which is based on the open technology “Hyperledger Fabric”. Already more than dozen of banks are part of this program, whith planning for expand operations starting next year in South America, Southeast Asia and other countries.
Senior vice president of IBM platform industry, reported :
“IBM is working with leading financial institutions to manage payment through networks more efficient and transparent. Also working to ensure the banking operations be carried out in real time, even in the most remote corners of the planet. “