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IBM launches a cross-border payments system

IBM Blockchain World Wire, a nearly instantaneous cross-border payments system, has been launched in collaboration with blockchain company Stellar.

Blockchain technology and the Stellar protocol allow IBM Blockchain World Wire to enable financial institutions to clear and settle cross-border payments within seconds.

IBM’s payment system allows faster payment processing, simultaneous clearing and settlement, lower costs, increased efficiency, and simplified payment and asset type form of transaction.

As the client base of IBM includes 97% of the world’s largest banks, the new flagship payment system can be expected to be heavily advertised.

Earlier in 2018, IBM partnered with CLS, an American settlement, processing and data solutions provider, to work on a proof of concept for a distributed ledger technology (DLT) financial platform.

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The new payment device, which brings physical and online commerce together, is customisable to the retailer’s brand.