Besides being one of the most prominent firms in the Blockchain patent space, IBM is also heavily pushing their Blockchain-based remittance service and have now secured a new customer for the platform.
It was announced on March 22, 2019 that Currency matters has joined the IBM Blockchain World Wire. Currency matters is a global foreign exchange platform and has stated that by joining IBM, their customers will have access to more currency corridors and also to digital assets that make use of Stellar Lumens (XLM).
“By connecting to the World Wire network, Currency Matters now has access to a single unified network for foreign exchange and cross-border payments clearing and settlement built on blockchain technology and the Stellar public protocol,” the press release said.
There has been a lot of emphasis in the last few years on creating a blockchain-based Network that will ensure unified and effective payments across the world. Ripple and R3 are very active within this space and have partnered with many banks and financial institutions across the world for this purpose.
The reason for this is that traditional payment methods are known to be slow and expensive, which has been a source of great frustration among customers. With platforms like IBM’s Blockchain World Wire, customers will have an alternative that Works in real time.
So far, most of the attention of these platforms has been on cross-border payments . With the addition of Currency Matters to the IBM platform, a new sector is being explored, which is foreign exchange. Because the world is more connected than ever, foreign exchange will need to be as efficient as cross-border settlements and Currency Matters has stated that IBM is helping them achieve this goal.
“We are proud and excited to have been selected as an Early Adopter and Core Member of the World Wire network,” said Jon Anderson, CEO, Currency Matters. “Working with IBM, Currency Matters will help to deliver a faster, more transparent, and secure cross border payments process at a much lower cost. This technology will revolutionise the global payments industry and we are delighted to play our part.”
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IBM themselves have acknowledged that there is a lot of benefit for the foreign exchange sector by making use of blockchain such as being able to negotiate FX rates, and transfer value in real time. This reduces the need for intermediaries and long durations for clearing and settlements