They have partnered with the payment company KlickEx and Blockchain startup Stellar for developing this solution which can reduce the settlement time and transaction cost for global payments. 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.
The company has announced a customized solution for banks to make cross-border payments faster using their IBM Blockchain technology. If the transactions involves different currencies, then it will require multiple intermediaries which increases the processing time.
The blockchain has always been seen as a method to quicken (and cheapen) cross-borders 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 focus on banks. That network, being used by members of the Advanced Pacific Financial Infrastructure for Inclusion, eventually is expected to process up to 60% of all cross-border payments in the South Pacific's retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year. A platform enabling a hyperledger fabric - core to blockchain - in the form of a network that can settle complex cross-border transactions in a matter of seconds is of enormous immediate benefit to banks, and those forms are the initial focus of this announcement.
The technology giant revealed that it and Dream Payments are rolling out Dream Payments Cloud to USA financial institutions, which is described as a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences.
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That's the longer term objective but already the system is being used in 12 currency corridors between the Pacific Islands and Australia, New Zealand and the UK.
For example, in the future, this technology could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia.
Rizwan Khalfan, EVP and Chief Digital and Payments Officer, TD Bank, said: "TD Bank is pleased to participate along with fellow banking leaders to observe how IBM Blockchain can support more secure and effective payments solutions". Initially, Stellar will provide the network and digital asset to facilitate settlements for cleared transactions.
The current network IBM is running in Asia is a big step toward seeing more of this technology in use.