IBM’s Blockchain-Based Global Payments Network

 In Blockchain

In what could be a game-changing development, IBM has announced a blockchain-based global payments network designed to settle payments in real-time. IBM is hoping that banks across the globe join this network, dubbed World Wire, which will facilitate cross-border transactions and remittances by banks on behalf of their customers. IBM believes that its platform, by cutting out the intermediaries involved in sending money across borders (using digital coins), will allow banks to send and receive money internationally more easily, cheaply and quickly than is possible using the current system of correspondent banking.

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