IBM To Speed Up Global Payments With New Blockchain Solution
Zacks Investment Research | Oct 15, 2017 10:23PM ET
International Business Machines Corp. (NYSE:IBM) recently unveiled a blockchain-based banking technology aimed at aiding financial institutions to simplify and quicken cross-border transactions.
The blockchain-based solution is intended to reduce payment settlement time, thereby lowering the expenses related to those payments. The idea is to find a single-network based almost real time payment system across the globe. IBM will be partnering with Stellar.org and KlickEx Group for the development of the project.
Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. (RCBC) Philippines, Sumitomo Mitsui Financial Group, TD Bank, Wizdraw (HK) of WorldCom Finance, and other financial institutions have already agreed to the implementation of the technology.
Notably, live transactions in 12 currency systems across the Pacific Islands and Australia, New Zealand and the United Kingdom are already in process through this solution.
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