The blockchain has long been seen as a method to quicken (and cheapen) cross-border payments, and now that movement — which includes a number of startups making moves privately — just got its highest profile advocate after IBM announced its own solution focused on banks.
The computing giant has teamed up with blockchain startup Stellar and payment company Kickex to launch a cross-border payment system for banks which uses the blockchain to “reduce the settlement time and lower the cost of completing global payments for businesses and consumers.”
Currently, international transactions take days, if not weeks, to be completed. Frustration with that has seen services like TransferWise rise, but, great as they are, they remain solutions for savvy consumers or small businesses rather than all.
A blockchain solution for banks addresses the root cause, and it could minimize the potential for errors thanks to the ledger-based system while also providing transparency and flexibility to banks.
Full story at http://tcrn.ch/2iwTdwZ
Source: TechCrunch
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