IBM Global Payment Network Uses Blockchain Technology

The department of IT ( Information Technology) from the well-known IBM has created a global payment network based on the Blockchain technology - World Wire - that will have the capability of transferring a form of digital asset with monetary value. You might know it with the name "stable coins" or cryptocurrencies.

World Wire Network

This new payment network from IBM will be called World Wire which will utilize Stellar protocol. This protocol will help reduce the number of intermediaries and improve settlement times for users.

In a statement this week made by IBM, the company said that they have enabled this World Wire system in many locations with 47 currencies,  44 banking endpoints in over 72 countries.

From General Manager of IBM Blockchain project - Marie Wieck, we got to know that they have intended for this project to create a new payment network with better remittances and transfer rate internationally. This is in order to support the movement of monetary value in countries where it is needed.

They also expect to improve financial integration and generate innovation worldwide with the new trend of supporting digital assets from financial institutions.

More Stable Coins On The International Scale

While IBM still keeps working with local regulations for the activation of the new network, they also look forward to expanding the network by gaining the number of global financial institutions as much as possible to create a true "World Wire".

From the collaboration between IBM and Stronghold, this "World Wire" network has already support settlements with a US dollar stable coins and Stellar Lumens.

According to the statement from IBM, there are a lot of pending for approval and reviews for application of stable coins on "World Wire". Currently, there are application letters from six different international banks: Bank Busan, Banco Bradesco, RCBC ( Rizal Commercial Banking Corporation ) and three others. With this IBM will add Korean Won, Philippine Peso, Indonesian Rupiah, Brazilian Real and Euro-based stable coins to its global payment network - "World Wire".