IBM taps blockchain to ease cross-border payments

For example, financial institutions can leverage Dream Payments' offering to rapidly launch solutions that work with emerging payment technologies like mobile wallets, CHIP cards, and contactless payments.

"Through KlickEx, the Pacific has had relatively low-priced, real-time, multi-currency payments for most of the past decade, and this project was a natural next step following our work to create seamless and borderless payments across the Pacific", he said.

IBM has introduced new blockchain banking solution for financial institutions to enhance the processes of global cross-border payments.

At present, such transactions (especially if they are being made in different currencies) can take days or sometimes even weeks to complete.

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The partnership is already implementing the new blockchain banking solution to process live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the UK.

For the first time, public blockchain technology - a kind of transparent ledger system that is distributed across the internet - is being used in a fully operational rollout to enable cross-border payments.

IBM also announces today it teamed with Toronto FinTech company Dream Payments to create a cloud platform to make mobile payments easier for banks and merchants.

They say it is expected to process up to 60 percent of all cross-border payments in the South Pacific's retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year.

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The technology giant revealed that it and Dream Payments are rolling out Dream Payments Cloud to USA financial institutions, which is described as a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences. 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.

"The blockchain would be used to record the terms of the contract, manage trade documentation, allow the farmer to put up collateral, obtain letters of credit, and finalise transaction terms with immediate payment, conducting global trade with transparency and relative ease", IBM said in its latest press release.

The current network IBM is running in Asia is a big step toward seeing more of this technology in use.

According to IBM's VP of Blockchain, the banks will use stellar's digital currency for a temporary period as it is quite predictable that in the upcoming year, central banks will also start issuing their own digital currencies and that these will become a vital part of blockchain-based money transfers.

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  • Kelly Blake