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IBM working with blockchain technology for improving cross-border transactions

IBM working with blockchain technology for improving cross-border transactions”

For example, financial institutions can leverage Dream Payments' offering to rapidly launch solutions that work with emerging payment technologies like mobile wallets, CHIP cards, and contactless payments. Merchants increasingly want to do business across borders, and payment companies need to work to enable transaction processes that reduce friction in the purchasing process.

The KlickEx Group, IBM, a regional financial services company, and a non-profit organization, Stellar, which supports an open source network of BlockChain, have unfolded new regional cross-border solutions for payments, with the help of BlockChain technology of IBM for providing settlement and trade clearance in real times on a single network. Transactions in different currencies can require multiple intermediaries and take days or weeks to complete. Compared to banking system, many new solutions are coming up that offer faster worldwide transactions.

In a statement issued yesterday (16 October), IBM said that the solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom. By the early next year in the South Pacific's retail foreign exchange corridors, it will apparently process up to 60% of all cross-border payments.

The new banking solution is being implemented from the IBM Blockchain Platform on Hyperledger Fabric, which was developed in partnership with Stellar.org and KlickEx Group.

The solution isn't just limited to the physical payments, either.

"The blockchain would be used to record the terms of the contract, manage trade documentation, allow the farmer to put up collateral, obtain letters of credit, and finalise transaction terms with immediate payment, conducting global trade with transparency and relative ease".

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. IBM has more than 1,600 employees working in the Blockchain and distributed ledger technology across all sectors.

"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.



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