US-based technological behemoth IBM launches a Stellar-based blockchain system for cross-border payments.
With Stellar protocol, IBM Blockchain World Wire system will provide financial organizations with high-speed of cross-border payments. Besides, the new system also features transparency of each payment, low costs, simple payments for the transaction and good security.
"Benefits of ‘Word Wire’ include faster payment processing (simultaneous clearing and settlement), lower costs, increased efficiency and simplified payment and asset type form of transaction. With 97% of the world’s largest banks as clients of IBM there remains little doubt that their new flagship payments system won’t be heavily advertised to their existing customer and client base," reads the company statement.
According to the reports, the platform will deal with digital currencies of central banks. Notably, the IMB Wire World is developed in cooperation with the financial authorities.
For reference, the announcement of a Stellar-based system was made back in October 2017. As commented Jesse Lund, IBM's VP of global blockchain market development this May, Stellar is a good decentralized platform which offers scalability, flexibility and high-performance blockchain.