Mastercard, R3 to develop blockchain-enabled cross-border payments solution

Thursday 12 September 2019 13:38 CET | News

Mastercard and R3 have partnered to develop and pilot a new blockchain-enabled cross-border payments solution.

The solution will initially focus on connecting global faster payments infrastructures, schemes, and banks supported by a clearing and settlement network operated by Mastercard.

The announcement complements Mastercard’s capabilities by providing access to R3’s Corda ecosystem, which includes more than 300 financial services and technology companies, central banks, regulators, and trade associations.

The partnership will provide new services for customers, addressing factors such as high processing overheads, liquidity management, and the existing lack of standardisation and processes between banks and domestic clearing systems.

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Keywords: Mastercard, R3, blockchain, cross-border payments, card
Countries: World