Today, International Business Machines Corporation (IBM) announced the launch of IBM Blockchain World Wire in a wide variety of markets.
IBM Blockchain World Wire is "a real-time global payment network for regulated financial institutions" from the US multinational information technology company. It has been created with the purpose of optimizing and increasing foreign currency, cross-border payments and transfers – which have long been one of blocked technology promises.
As a result of this writing, IBM Blockchain World Wire has officially launched payment services in 72 countries with 47 currencies and 44 bank points.
IBM's block chain is apparently the first such implementation to integrate payment messages, clearing and settlement "while allowing participants to dynamically choose from a variety of digital assets for settlement." IBM Blockchain General Manager Marie Wieck:
We have created a new type of payment network that is designed to accelerate transfers and change cross-border payments to facilitate cash flow in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to stimulate innovation and improve financial inclusion worldwide.
IBM Blockchain World Wire especially uses the Stellar (XLM) protocol to ease cash money. Because it is a blockchain-based protocol, the need for middlemen is drastically reduced, and transactions can be settled in seconds.
Luiz Carlos Brandao Cavalcanti Junior, Innovation and Digital Channels Managing Director of Banco Bradesco, commented:
Bradesco adopts continuous innovation that improves customer experience and improves efficiency. The World Wire Network addresses both of these aspects and therefore provides a valuable opportunity for Bradesco and its customers in Brazil.
Likewise, Manny T. Narcisco, first senior vice president of RCBC:
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 focus on innovation that brings value to our customers, and World Wire provides a tremendous opportunity to change and improve our payment infrastructure.
What do you think of IBM Blockchain World Wire? Please let us know your thoughts in the comments below!
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