Bitcoin Global News (BGN)
March 20, 2019 -- ADVFN Crypto NewsWire -- IBM does not generally
receive the same amount of media coverage or “hype” that many
blockchain tech, cryptocurrency focused or financial institutions
entering the industry garner. However, the company is constantly
pushing forward with blockchain technology innovation and
collaborative projects with with both existing companies,
blockchain startups, and governments around the world. The most
recent launch is a real-time global payments network for regulated
financial institutions called Blockchain World Wire.
"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. By creating a network where financial
institutions support multiple digital assets, we expect to spur
innovation and improve financial inclusion worldwide." - Marie
Wieck, General Manager, IBM Blockchain
That platform was designed to
optimize and accelerate foreign exchange, cross border payments and
remittances, similar to the functioning of SWIFT, but using
blockchain related technologies, as Ripple does. World Wire
includes an integrated payment messaging, clearing and settlement
on one unified network. Further, it does not mandate the use of one
stablecoin, but rather allows participants to dynamically choose
from a variety of digital assets for settlement processes. The
system has been enabled at payment locations in 72 countries, with
47 currencies and 44 banking endpoints.
Early
Adopters
"Bradesco continuously adopts
innovation that enhances customer experience and improves
efficiency. The World Wire Network addresses both of these aspects,
and therefore presents a valuable opportunity for Bradesco and its
customers in Brazil." - Luiz Carlos Brandao Cavalcanti Junior,
Innovation and Digital Channels Executive Director, Banco
Bradesco.
World Wire creates a more
straight-through model for cross border payments. It was built on
the Stellar protocol, making money transfers point-to-point,
skipping the complexities of conventional correspondent banking. It
reduces intermediaries, accelerating settlement time often to just
seconds. This approach improves operational efficiency and
potentially most importantly, liquidity management. It wholly
streamlines payment reconciliation and reduces overall transaction
costs for financial institutions.
At this time, the network supports
settlement using Stellar Lumens and a U.S. dollar stable coin
through IBM's previously-announced collaboration with
Stronghold. Pending regulatory approvals and other reviews,
six international banks are already on board:
"RCBC is pleased to be an early
innovator with plans to issue our own Peso stable coin on World
Wire, pending final approval from our regulators. We're focused on
innovation that adds value for our customers, and World Wire
presents a tremendous opportunity to transform and enhance our
payment infrastructure." - Manny T. Narcisco, First Senior
Vice-President, RCBC.
By: BGN Editorial Staff