Blockchain World Wire can transfer funds in 47 currencies to locations in 72 countries, and the company is calling it the first blockchain network of its kind to integrate payment messaging, clearing and settlement in a single unified network.
The new type of payment network is designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most, according to IBM Blockchain.
Blockchain World Wire leverages the Stellar protocol to support point-to-point money transfers, cutting out the intermediaries of conventional correspondent banking. World Wire also shortens settlement time by transmitting value via digital assets (cryptocurrencies or stable coins).
The network currently supports settlement with Stellar Lumens and a US dollar-based stable coin. Six global banks have signed letters of intent to issue their own stable coins on the network, which will add the Euro, the Indonesian Rupiah, the Philippine Peso, the Korean Won, and the Brazilian Real to the mix.
Rizal Commercial Banking Corporation (RCBC) of the Philippines and Banco Bradesco of Brazil are among the banks that have announced their participation in IBM’s new initiative.
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