IBM's Stellar Move - IBM Debuts Blockchain Banking Across Globe
Oct 18, 2017, 00:38
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. Frustration with that has seen services like TransferWise rise, but, great as they are, they remain solutions for savvy consumers or small businesses rather than all.
IBM has partnered with Toronto-based Dream Payments to help financial institutions more quickly deploy mobile payment offerings in the US.
Working in collaboration with technology partners Stellar.org and KlickEx Group, the innovative solution is meant to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.
The system, which uses a blockchain distributed ledger to give all parties access and insight into the clearing and settlement of financial transactions, is created to augment financial flows worldwide, at the same time as allowing financial institutions to choose the settlement network of their choice for the exchange of central bank-issued digital assets. The solution is expected handle nearly 60% of the cross-border payments from the retail industries across the South Pacific by 2018 and will expand further.
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". This payment solution can help in settlement of trades on a single network in real-time.
IBM Blockchain is already processing live transactions in 12 different areas across the Pacific Islands and Australia, New Zealand and the U.K. The tech allows parties to access financial transactions that could be prone to delays. The private blockchain Stellar handles the actual settlement of transactions through issuance of digital asset while KlickExadds their expertise in cross-border payments to the solution.
The company explained what this could mean in practice: "For example, in the future, the new IBM network could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia". And blockchain will be used to record the whole thing from the farmer's collateral to letters of credit to pay.
Starting early next year, IBM said it plans to invite numerous banks worldwide to join the network and help it expand.
IBM's VP of Blockchain, Jesse Lund said that this is the next big step in the development of blockchain technology.
Also, people can not provide valid consent for the processing of their personal data, because of the approach used by Microsoft . The Dutch agency has issues with basic and full telemetry, the purposes of telemetry, and consent for telemetry in Windows 10.
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