Blockchain solution for cross-border payments

IBM Unveils Major Blockchain Solution To Speed Global Payments - Quick Facts

IBM Unveils Major Blockchain Solution To Speed Global Payments - Quick Facts

IBM is using blockchain for improving speed and security for cross-border transactions.

Blockchain ledgering now may be thought of as a technology having more impact in the financial sector, though notably in retail, Walmart has worked with IBM and others to support use of blockchain for tracing accountability in complex food supply transaction for their global grocery efforts.

"Through KlickEx, the Pacific has had relatively low-priced, real-time, multi-currency payments for most of the past decade, and this project was a natural next step following our work to create seamless and borderless payments across the Pacific", he said.

IBM has partnered with Toronto-based Dream Payments to help financial institutions more quickly deploy mobile payment offerings in the US. Transactions in different currencies that require multiple intermediaries can take days or weeks to complete.

For the first time, public blockchain technology - a kind of transparent ledger system that is distributed across the internet - is being used in a fully operational rollout to enable cross-border payments. It will reportedly be processing up to 60% of all payments of cross-border in the retail foreign exchange corridors of South Pacific by next year.

IBM stated an example of blockchain that soon a farmer in Samoa will be able to contract with a purchaser in Indonesia.

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Rizwan Khalfan, EVP and Chief Digital and Payments Officer, TD Bank, said: "TD Bank is pleased to participate along with fellow banking leaders to observe how IBM Blockchain can support more secure and effective payments solutions". The blockchain can record the terms of the contract, manage trade documentation, obtain letters of credit, help the business owners to put up collateral and finalize transaction terms with immediate payment.

The blockchain network contains 12 currency corridors that cover New Zealand, Austalia, Fiji, and Tonga.

"The combination of IBM's banking and financial services expertise along with IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, to maintain bank-grade security, PCI compliance and data sovereignty", said Chad Whittaker, CIO of Dream Payments.

The current network IBM is running in Asia is a big step toward seeing more of this technology in use.

Other commercial banks that have been invited to join include 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.

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