Stellar and IBM are Instigating BlockChain Banking in Several Countries
18 October, 2017, 00:40 | Author: Regina Lloyd
IBM is using blockchain technologies to help businesses receive payments faster, with lower overheads compared to traditional transfers.
New Zealand's KlickEx group, a company that provides money transfer services for the unbanked and for developing economies, has teamed up with IBM and USA based blockchain network, Stellar, to offer a blockchain based service to financial institutions that the three claim will accelerate and reduce the cost of global payments for financial institutions and for their business and consumer customers. Transactions in different currencies can require multiple intermediaries and take days or weeks to complete.
A blockchain solution for banks addresses the root cause, and it could minimize the potential for errors thanks to the ledger-based system while also providing transparency and flexibility to banks. It is tipped to handle 60 percent of cross-border payments from South Pacific's retail industry within the next year and there are wider plans beyond that.
The technology giant revealed that it and Dream Payments are rolling out Dream Payments Cloud to US financial institutions, which is described as a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences.
National Australia Bank, TD Bank, and other financial institutions are lending their support, by collaborating and advising in the system's development with the intent to help expand its use in other regions around the world, says IBM.
"For example, in the future, the new IBM network could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia", said the statement.
The current network IBM is running in Asia is a big step toward seeing more of this technology in use.
The blockchain network contains 12 currency corridors that cover New Zealand, Austalia, Fiji, and Tonga. The blockchain can record the terms of the contract, manage trade documentation, obtain letters of credit, help the business owners to put up collateral and finalize transaction terms with immediate payment.
The new banking solution is being implemented from the IBM Blockchain Platform on Hyperledger Fabric, which was developed in partnership with Stellar.org and KlickEx Group. For the first time, public blockchain technology is being used in production to facilitate cross-border payments in multiple integrated currency corridors.
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