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.
"All institutions - large or small - rely on the ability to send and receive payments, but all too often the technology they rely upon is cumbersome and expensive. Cross-border payments can be a particular pain point. Corda was designed specifically for enterprise use cases such as this, and we look forward supporting Mastercard in bringing blockchain-enabled payments businesses across the globe."
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.
"Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard's ambition. Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships, including our relationship with R3.".
Mastercard, R3 to Develop a Blockchain Cross-Border Payments Platform
Published on Sep 11, 2019
by Coindesk | Published on Coinage
Mentioned in this article
Cryptocurrency News From Japan: Jan. 20-24 in Review
Japanese political party proposes digital currencies.
Crypto and Blockchain Firms Pitch In to Help Coronavirus Victims
Some blockchain and cryptocurrency firms have pledged to help victims of the coronavirus in Wuhan, China.
One Wallet Owns 27% of Ether Behind MakerDAO's Sai Stablecoin
Of all the Ether locked in the collateralized debt positions of the old MakerDAO system, 27% belongs to a single Ethereum address.
User Retention: The Holy Grail for DApps Moving Beyond Buzzword Status
DApp projects in 2019 continued to suffer from their usual issues like poor user retention and the difficulties of navigating user interfaces, among others.