Mastercard, R3 to Develop Blockchain Cross-Border Payments Platform

Mastercard 860x430 1

Payments giant Mastercard is to develop a blockchain-powered cross-border payments platform in partnership with enterprise-focused blockchain firm R3.In an announcement on Wednesday, Mastercard said the two firms have inked a deal to “develop and pilot” the payments solution. It will initially be aimed at connecting faster payments schemes and banks backed by Mastercard’s clearing and settlement network.The partnership is planned to merge R3’s expertise at developing blockchain solutions with Mastercard’s existing payment systems and network. Ultimately, the firms hope the new platform will help tackle industry issues such as costly payments processing, liquidity management and a paucity of standardization and connectivity between banks and domestic clearing systems.R3 CEO David E. Rutter said:Citing its July acquisition of international payments firm Transfast as a boost to its network, Mastercard said the deal to utilize R3’s Corda network will further expand its capabilities in the payments arena.The news of the partnership also comes…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE