IBM launches blockchain partnership for improved cross-border payments

IBM Unveils Major Blockchain Solution To Speed Global Payments - Quick Facts

In an advancement for payment technology, a network of banks and IBM have started using BlockChain software and digital currency for moving money across the borders of the entire South Pacific.

Several global banks have already partnered with IBM for this solution which includes Wizdraw (KH) of WorldCom Finance, TD Bank, Rizal Commercial Banking Corp. of Philippines, National Australia Bank, Bank Rakayat Indonesia, Mizuho Financial Group, Banco Bilbao Vizcaya Argentaria, Kasikornbank Thailand, Bank Negara Indonesia, Danamon Indonesia, Sumitomo Mitsui Financial Group and several others.

IBM has rolled out a new blockchain banking solution created to reduce settlement times for cross-border payments.

IBM has partnered with Toronto-based Dream Payments to help financial institutions more quickly deploy mobile payment offerings in the US. Transactions in different currencies can require multiple intermediaries and take days or weeks to complete. IBM has more than 1,600 employees working in the Blockchain and distributed ledger technology across all sectors.

The first Polestar is a sublime cut of 600 horses
Polestar 2 will start production later in 2019 and will be the first battery-electric vehicle (BEV) from the Volvo Car Group . To that end the 1 is also the first auto to ever be equipped with Ohlins' new Continuously Controlled Electronic Suspension.

For example, IBM said that in the future, its service could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia, while covering all aspects of their transaction, not just the payment.

The payment solution from IBM is already effective and processing live transactions in 12 countries across the Pacific Islands, United Kingdom and Australia. And blockchain will be used to record the whole thing from the farmer's collateral to letters of credit to pay. IBM informed that it is closely working with Spain's BBVA, Indonesia's Bank Danamon and Australia's National Australia Bank to implement solutions using blockchain. It will process up to 60% of all cross-border payments in the South Pacific's retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year.

"The combination of IBM's banking and financial services expertise along with IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, to maintain bank-grade security, PCI compliance and data sovereignty", said Chad Whittaker, CIO of Dream Payments. Overall the existing global payment solutions are time consuming, costly and error-prone. Through KlickEx, the Pacific has had relatively low-priced, real-time, multi-currency payments for most of the past decade, and this project was a natural next step following our work to create seamless and borderless payments across the Pacific.

Related:

Comments

Latest news

Forbes List: Trump's Fortune plummets $600 Million to $3.1 Billion
As a candidate, Trump said his net worth was more than $10bn, but Forbes pegged that figure at $4.5bn in September 2015. The 2017 Forbes 400 list of the richest individuals in America includes eight who reside in the Washington region.

Russian Federation to Issue First State-Backed Cryptocurrency 'CryptoRuble'
The ability to freely exchange the currency for hard tender suggests an official exchange is likely, alongside unofficial markets. If there is a rise in value, the same 13 percent rate will be applied upon sale of the coin only on the difference in value.

Doom: Nintendo Switch Release Date Revealed
The Nintendo Switch port is developed by Panic Button, the studio responsible for the upcoming Rocket League port on Switch. Skyrim was teased in the initial Nintendo Switch reveal video before being given its November 17 release date.

Donald Trump won't be state guest as United Kingdom visit downgraded
He may cut the ribbon on the brand new U.S. embassy - close to completion at Nine Elms, near Battersea Power Station. Watch: King Felipe of Spain is welcomed by Queen Elizabeth II during a State Visit this year.

Studs and duds from Giants' win over Broncos | Eli Apple, Mike Sullivan
Now in his fourth season with the Broncos, Sanders had recorded 20 receptions for 190 yards and two scores through four games. In the fourth quarter, the Broncos reached the red zone twice, scoring once on a 13-yard pass from Siemian to Jeff Heuerman .

Carolina Panthers fan arrested, accused of punching spectator in video
The punches immediately bloodied the seated fan's face before others stepped in to stop Maraghy, who left before security arrived. The incident took place during the team's loss against the Philadelphia Eagles at North Carolina's Bank of America Stadium.

Federer beats Nadal, wins Shanghai Masters
It was an excellent tournament for both superstars, who are closing out 2017 and looking to carry momentum into 2018. The long-time friends and foes crossed paths as Nadal was leaving the court and Federer was entering it.

Israel jets under fire from Syria retaliate with bombing raid near Damascus
Israel has largely stayed out of the fighting in Syria, but has occasionally carried out strikes on Syrian military positions. On Monday morning, the Syrian air defense battery fired an interceptor missile at Israeli reconnaissance planes.

Hillary Clinton Pictured In Foot Brace As She Misses Interviews After Fall
But I will tell you that is something that I had just heard about and I think that her statement in itself is very disrespectful to our country.

Trump says subpoena filed against him for sexual assault is 'fake news'
Lawyers for Zervos, a former contestant on Trump's reality show " The Apprentice ", reportedly filed the subpoena in March. The attorneys additionally asked for "all documents" pertaining to other women who made similar accusations against Trump.

Barack Obama Taps Kehinde Wiley to Paint His Presidential Portrait
Artist Kehinde Wiley , who is known for his large, vibrant paintings of African Americans, will paint President Barack Obama . A Baltimore-based artist has been chosen by Michelle Obama to paint a portrait of the former first lady.

Himachal polls on November 9, Gujarat before December 18: EC
This is an attempt at collective bribery?" he said. "This is a clear break down of the countrys democracy", the statement said. So, from October 3 to December 24 when the election process concluded, it was 83 days, which is unreasonable.

Twitter to have new policy on abuse, hate tweets after #WomenBoycottTwitter
Jack Dorsey acknowledged the protest that trended all day and assured of a "more aggressive" stance. Black women face oppression and abuse at the intersection of race and gender on a daily basis.

Mobile kills unlimited data usage when traveling to Canada and Mexico
Either way, T-Mobile says that less than 1 percent of users who travel to either country use over 5GB in a month. Also, you may have less data to play with if you aren't subscribed to an unlimited plan.

Rex Tillerson cleans up after Trump on Iran but dodges 'castration' questions
The reported tension between the president and the top US diplomat comes as the USA faces a slew of foreign policy challenges. I wish there were more Republicans in Congress who would publicly condemn Trump for his despicable behavior and actions.

Other news