The cryptocurrency-based cross-border payments are going through the roof.
IBM Corporation recently stated that its Blockchain World Wire initiative, a global payments network for regulated financial institutions, has begun production, encouraging instant foreign exchange payment and settlement in more than 70 countries with exchange in almost 50 currencies.
International transactions have always been targeted by blockchain advocates who claim that decentralized technology can save time and save cash, effectively.
“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, in a news release.
The initiative will compete with Ripple, one of the pioneers of digital global payments.
Many banks like JPMorgan Chase & Co. have begun to discover digital settlement of funds.
The World Wire network already supports settlement in Stellar Lumens and an IBM-supported U.S. dollar-based stablecoin.
Moreover, Jesse Lund, global vice president of IBM Blockchain, said the payment information will reach its end location in three to five seconds and settlement of funds will take between 20 and 30 seconds.
“We can substantially lower operating costs for all participants” he said.
IBM claims that it has enabled payment locations in 72 countries with 47 different currencies.
“Our goal is to provide global coverage to support as many fiat currencies as possible. We hope all money is moving digitally,” said Lund.
Seems like the blockchain universe is in its prime time and even tech giants like IBM are now realizing the power of this magnificent technology.
