IBM has announced the IBM Blockchain World Wire, a new real-time global payments network designed for regulated financial institutions. Right now, the network is available in 72 countries but the company is actively seeking to expand the network.
Marie Wieck, General Manager, IBM Blockchain discussed the new tool, saying:
“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. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”
For the past decade, some have said that they don’t have high hopes for bitcoin but that the underlying blockchain technology does hold promise. IBM Blockchain World Wire is one such promising project they probably had in mind. With World Wire, foreign exchange, cross border payments, and remittances are faster than before. Additionally, it’s the first unified network that includes payment messaging, clearing, and settlements.
The network employs the Stellar protocol to make money transfers. Settlements are made using these digital assets and are able to bypass traditional intermediaries thus reducing settlement times to mere seconds. In addition to the speed of the network, it is also expected to bring down transaction costs for financial institutions.
World Wire is now in its limited production phase and available in several countries around the world. IBM’s new network supports settlements with Stellar Lumens and a U.S. dollar stable coin but it’s also seeking to add other stable coins for other currencies such as the Euro, Philippines Peso, and Brazilian Real. If you want to find out more about the project be sure to take a look at the project's page.