IBM and payments network
KlickEx have announced Stellar as the backbone of its new “cross-border
payments solution.”
In what it describes as the
first use of public Blockchain technology “being used in production to
facilitate cross-border payments in multiple integrated currency corridors,”
IBM is already convening a group of big banking partners to further the
initiative.
“Currently, cross-border
payments take up to several days to clear,” Stellar co-founder Jed McCaleb said
in an accompanying blog post.
“This new implementation is poised to affect a profound change in the South Pacific region, and once fully scaled by IBM and its banking partners, could potentially change the way money is moved around the world.”
Multi-asset, real-time and cross-border: Payments solution from IBM #blockchain at #Sibos. Panel, demos and booth: bit.ly/2ydJQtP
KlickEx already has an extant
payments network operating in Southeast Asia from its base in New Zealand.
Now, a group of “diverse
banking leaders” will assist in the”development and deployment process” of the
Blockchain-backed solution, which is already in active use, IBM states.
The move sees a significant
implementation for Stellar within the global financial framework of legacy
institutions, putting it alongside Ripple as one of the principal entities in
Blockchain-based institutional settlements.
This caps a year of outreach
initiatives, with marketing ploys such as a grants program and the release of
the Lightyear spin-off hoping to attract wider attention and participation from
investors.
Source : Cointelegraph
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