IBM wants to cut out the middle man when it comes to clearing and settling cross-border payments. To that end it has stopped testing and started offering its blockchain-based system, IBM Blockchain World Wire.

According to the company’s website, using blockchain and the Stellar protocol, IBM Blockchain World Wire “makes it possible for financial institutions to clear and settle cross-border payments in seconds.”

The two financial institutions involved in a transaction use a stablecoin, central bank digital currency or other digital asset “as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions.”

IBM is not alone in trying to create a cross-border payment system based on blockchain. For instance there’s Ripple with its xRapid, currently being tested.

ThirtyK Staff
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