IBM Launches A Blockchain-Based Global Payments Network Using Stellar's Cryptocurrency
IBM is paving the way for banks and other regulated financial institutions to join the blockchain revolution.
Using the Stellar protocol, World Wire serves as a network provider for international payments, enabling point-to-point money transfers in lieu of the complexities of conventional correspondent banking.
According to IBM, World Wire is the first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single unified platform.
As local regulations continue to guide activation for the World Wire network, additional financial institutions across the globe have expressed interest in joining. While IBM announced an initial pilot of World Wire in October 2017, today the network is officially accessible in a growing number of markets.
The stable coin we’ve currently come to market with is a USD-backed stable coin, which is the easiest to use by default. Remember, this network is designed for cross border payments, where foreign exchange needs to be an inherent part of the capability - explained Lund.