Mastercard to issue blockchain-based system for B2B transactions

Wednesday 19 September 2018 10:30 CET | News

Payment services provider Mastercard has developed a blockchain-based system to simplify and bring high-volume B2B transactions up to date.

The invention is described in a series of three patent applications filed by the company in March 2018, but just recently published by the US Patent and Trademark Office (USPTO).

In the similar yet separate patents, all titled “Method and System for Recording Point to Point Transaction Processing”, Mastercard explains that existing B2B settlement systems need to be updated in order to cater for the needs of the current business environment. The patents’ authors further outline that the current systems often operate using “individual payment transactions” as a core part of the settlement process.

Mastercard suggested that blockchain or another type of digital ledger technology (DLT) could be the solution for the issues in the current B2B systems. The company argues that, if given the green light, the uniform payment system developed by its team can enable data to be stored clearly and in a format that is easily auditable by participating entities

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Keywords: MasterCard, payment services provider, PSP, B2B, business-to-business, B2B transaction, blockchain-based system, blockchain, US Patent and Trademark Office
Countries: World