IBM's Stellar Move - IBM Debuts Blockchain Banking Across Globe

Oct 18, 2017, 00:38
IBM's Stellar Move - IBM Debuts Blockchain Banking Across Globe

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.

More news: New service lets you order food on Facebook

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 KlickEx adds their expertise in cross-border payments to the solution.

More news: How that shiny new technology in your vehicle could make you crash

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.

More news: Far-right bloggers blame innocent man for Las Vegas shooting

YOU MIGHT ALSO LIKE
  • Microsoft Edge is the best browser for blocking phishing websites

    Microsoft Edge is the best browser for blocking phishing websites

    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.
    Project Loon cleared to help restore wireless in Puerto Rico

    Project Loon cleared to help restore wireless in Puerto Rico

    The Carribean country Puerto Rico has been caught with a deadly hurricane named Maria last day, of 150 miles per hour . The reason for increased difficulty is that Loon was already in testing in Peru with a carrier and was ready to roll.

    More US Tariffs On Jets For Bombardier In Boeing Trade Row

    The penalties were imposed after officials decided Bombardier got illegal help from the United Kingdom and Canadian governments. International Trade Commission could reverse the duties if it determines Boeing wasn't injured by Bombardier's actions.
  • Amazon's new plan aims to get teens hooked

    Amazon's new plan aims to get teens hooked

    The parent will need to setup the shipping address and payment method, after which point an invitation is sent back to the teen. Also, they can choose to skip the approval step all together and set pre-approved spending limits, offering teens full freedom.
    North Korean Workers May Have Prepared Your Salmon Fillet

    North Korean Workers May Have Prepared Your Salmon Fillet

    Especially since, they say, the government of Kim Jong Un keeps most of their pay as it builds its nuclear weapons program. Information for this article was contributed by Martha Mendoza, Leonardo Haberkorn, Han Guan Ng, Fu Ting, Kelvin K.
    GM Commits to All-Electric Future

    GM Commits to All-Electric Future

    GM shares closed on Monday at $42.15, the highest level since the company's 2010 post-bankruptcy initial public offering. The company plans to offer a fuel cell vehicle to retail customers within five years, it said.
  • Messi Fires Argentina To 2018 World Cup

    Messi Fires Argentina To 2018 World Cup

    Messi's hat trick in Quito gave Argentina its first goals in open play since a 3-0 victory over Colombia in November 2016. France Football have just announced the 30-man shortlist for the Ballon d'Or with voting not due to close until November.

    International Preview: Wales v Republic Of Ireland

    At other times the game was played with the ferocious pace of a derby encounter rather than a normal worldwide . If Wales draw and Serbia lose to Georgia by two goals or more Wales will qualify as group winners.
    Google bars Amazon Echo show from Accessing YouTube

    Google bars Amazon Echo show from Accessing YouTube

    If Google releases its own Echo Show competitor, the company would finally be able to deliver a YouTube experience that it wants. These buttons are hockey puck shaped devices that you can use to play various games alongside an Alexa enabled device.
  • Possible Terrorism In Canada As Officer Stabbed And Pedestrians Struck

    Possible Terrorism In Canada As Officer Stabbed And Pedestrians Struck

    When the driver was asked for identification, he immediately fled the scene and was chased by police towards downtown Edmonton . Abdulkadir said in an interview on Monday, in offices just a few blocks from where Constable Chernyk was hit and stabbed.
    Isco Shines To Lead Real Past Espanyol

    Isco Shines To Lead Real Past Espanyol

    The Madrid boss felt the Spain attacking midfielder was wise to praise Ronaldo as an example to follow as he continues to develop. Bale, who signed with Real Madrid in 2013 has missed 9,346 minutes since he arrived at the club.
    Nagpur ODI: Australia bat first, India recall Bhuvi, Bumrah and Kuldeep

    Nagpur ODI: Australia bat first, India recall Bhuvi, Bumrah and Kuldeep

    Rohit Sharma was awarded Man of the Match for his knock of 125 while Hardik Pandya was declared Man of the Series. Virat Kohli and Ravi Shastri are unlikely to bin their efforts so they will be flawless in the ODI bowling unit.
popular