IBM is expanding the launch of its blockchain based payment network known as IBM Blockchain World Wire. The new payment network uses digital currency on Stellar’s blockchain network. It has a principal function for clearing and settling cross-border payments in near real time. Stellar is an open-source, decentralized protocol for transfers between digital currency and fiat currency.
IBM Blockchain World Wire
Originally debuting in October 2017, IBM Blockchain World Wire is now officially accessible to financial markets. In addition, the payment network includes the ability to transfer digital assets such as cryptocurrencies. Currently, IBM Blockchain World Wire has enabled:
- Payment locations available in 72 countries
- Access to 48 currencies
- Availability of 44 banking endpoints
A New Payment System
“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.
Business professionals and cryptocurrency enthusiasts alike are applauding the execution of IBM’s endeavor. Above all, this network system operates with speed for verifying transactions.
A First in the Industry
IBM maintains that it is the first blockchain network that is providing the integration of payment messaging along with clearing and settlement on single platform. Similarly, participants of the network are accessing a large variety of stable cryptocurrencies for settlement.
Likewise, IBM will be able to operate a blockchain infrastructure for all participants. Financial institutions are transmitting digital tokens that are tied to fiat currency. Above all, the platform is providing verified financial transactions occurring at breakneck speed. The partnership of IBM and Stellar is yielding an exciting new advancement in blockchain technology.