IBM has launched blockchain-based global payments network – IBM Blockchain World Wire for regulated financial institutions.
Marie Wieck, General Manager, IBM Blockchai., said, “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.”
Marie Wieck, added, “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”
The World Wire network 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, the company said in a statement.
Luiz Carlos Brandao Cavalcanti Junior, Innovation and Digital Channels Executive Director, Banco Bradesco, said, “Bradesco continuously adopts innovation that enhances customer experience and improves efficiency. The World Wire Network addresses both of these aspects, and therefore presents a valuable opportunity for Bradesco and its customers in Brazil.”
Manny T. Narcisco, First Senior Vice-President, RCBC, said, “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. 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.”