SINGAPORE, March 18, 2019 /PRNewswire/ -- MONEY 20/20:
IBM (NYSE: IBM) today announced IBM Blockchain World Wire, a
real-time global payments network for regulated financial
institutions, is officially accessible in a growing number of
markets.
Designed to optimize and accelerate foreign exchange, cross
border payments and remittances, World Wire is the first blockchain
network of its kind to integrate payment messaging,
clearing and settlement on a single unified network, while allowing
participants to dynamically choose from a variety of digital assets
for settlement.
"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. "By creating a network where financial institutions
support multiple digital assets, we expect to spur innovation and
improve financial inclusion worldwide."
Today World Wire has enabled payment locations in 72 countries,
with 47 currencies and 44 banking endpoints. Local
regulations will continue to guide activation, and IBM is actively
growing the network with additional financial institutions
globally.
World Wire provides a more straight-through model for cross
border payments using the Stellar protocol that makes money
transfers point-to-point in lieu of the complexities of
conventional correspondent banking. It reduces intermediaries and
allows users to accelerate settlement time often in seconds by
transmitting monetary value in the form of digital assets, commonly
known as cryptocurrencies or "stable coins." This simplified
approach improves operational efficiency and liquidity
management, streamlining payment reconciliation and reducing
overall transaction costs for financial institutions.
The network already supports settlement using Stellar Lumens and
a U.S. dollar stable coin through IBM's previously-announced
collaboration with Stronghold. Pending regulatory approvals
and other reviews, six international banks, including Banco
Bradesco, Bank Busan, and Rizal Commercial Banking Corporation
(RCBC), have signed letters of intent to issue their own
stable coins on World Wire, adding Euro, Indonesian Rupiah,
Philippine Peso, Korean Won and Brazilian Real stable coins to the
network. IBM will continue to expand the ecosystem of settlement
assets based on client demand.
"Bradesco continuously adopts innovation that enhances customer
experience and improves efficiency," said Luiz Carlos Brandao Cavalcanti Junior,
Innovation and Digital Channels Executive Director, Banco Bradesco.
"The World Wire Network addresses both of these aspects, and
therefore presents a valuable opportunity for Bradesco and its
customers in Brazil."
"RCBC is pleased to be an early innovator with plans to issue
our own Peso stable coin on World Wire, pending final approval from
our regulators," said Manny T. Narcisco, First Senior
Vice-President, RCBC. "We're focused on innovation that adds
value for our customers, and World Wire presents a tremendous
opportunity to transform and enhance our payment
infrastructure."
World Wire is now in limited production and available in a
growing number of countries. Interested organizations can
learn more at
https://www.ibm.com/blockchain/solutions/world-wire.
About IBM
IBM is recognized as the leading enterprise blockchain provider.
The company's research, technical and business experts have broken
barriers in transaction processing speeds, developed the most
advanced cryptography to secure transactions, and are contributing
millions of lines of open source code to advance blockchain for
businesses. IBM is the leader in open-source blockchain solutions
built for the enterprise. Since 2016, IBM has worked with hundreds
of clients across financial services, supply chain, government,
retail, digital rights management and healthcare to implement
blockchain applications, and operates a number of networks running
live and in production. The cloud-based IBM Blockchain Platform
delivers the end-to-end capabilities that clients need to quickly
activate and successfully develop, operate, govern and secure their
own business networks. IBM is an early member of Hyperledger, an
open source collaborative effort created to advance cross-industry
blockchain technologies. For more information about IBM Blockchain,
visit https://www.ibm.com/blockchain/or follow us on Twitter at
@ibmblockchain.
Media Contact: Leesa DAlto,
Leesa.dalto@ibm.com
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SOURCE IBM