IBM launches blockchain banking for cross-border payments

International Business Machines Corp. (IBM) announced 16 October 2017 the launch of IBM Blockchain, a new blockchain banking solution, that will help financial institutions for cross-border payments.

In the first international payments network of its kind, IBM has partnered with regional financial services company KlickEx Group and, a nonprofit organization that supports an open source blockchain network for financial services.

This in comparison to present cross-border payments involving different currencies that can take days or even weeks, requiring multiple intermediaries. IBM noted that the solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom.

IBM has convened an initial group of diverse banking leaders as part of the development and deployment process, including Banco Bilbao Vizcaya Argentaria, Mizuho Financial Group, National Australia Bank, Sumitomo Mitsui Financial Group, TD Bank, and other financial institutions.

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