Mastercard is partnering with the corporate blockchain technology company R3 to develop a new cross-border payment system. The Blockchain-based solution will combine Mastercard's infrastructure for faster payments with banks supported by the clearing and payment network.
The partnership is planned to combine R3's expertise in developing MasterCard's existing payment systems and network and blockchain solutions. As a result, firms hope the new platform will help address industry issues such as the processing of costly payments, liquidity management, and the lack of standardization and connectivity between banks and domestic clearing systems.
Mastercard: We aim for a much faster system
Kle Developing a new and better cross-border B2B (company-to-company) payment solution is the main goal of Mastercard, Mast said Peter Klein, CEO of Mastercard. Meanwhile, R3 will connect the Corda Enterprise blockchain platform to Mastercard's payment infrastructure. R3 said more than 300 of the world's leading financial services firms, technology firms, central banks, regulators and trade associations have joined the Corda ecosystem.
R3 CEO David E. Rutter: For a Fast World
E. We are excited to partner with Mastercard to help shape the future of the digital payments ecosystem, R3 said David E. Rutter, CEO of R3. All organizations, large and small, rely on the ability to send and receive payments, but often the technology they trust is cumbersome and expensive. Cross-border payments can be a particular pain point. Corda has been designed specifically for such corporate use cases and we hope to support Mastercard in bringing block-chain-enabled businesses around the world.