Mastercard, R3 to build new blockchain-based solution for overseas payments


Payments giant Mastercard has partnered with enterprise blockchain firm R3 to develop and pilot a new blockchain-based solution for cross-border payments.

The solution will initially focus on connecting global payments infrastructure and banks supported by Mastercard’s clearing and settlement network, the two companies announced Wednesday.

“Developing a new and better cross-border B2B [business-to-business] payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard’s ambition,” said the company's EVP of New Payment Platforms, Peter Klein.

R3 will connect its open-source blockchain platform Corda with Mastercard’s ecosystem. Corda platform includes over 300 global financial services firms, technology companies, central banks, regulators and trade associations.

“Corda was designed specifically for enterprise use cases such as this, and we look forward supporting Mastercard in bringing blockchain-enabled payments businesses across the globe,” said R3 CEO, David E. Rutter.

Just last week, Mastercard also joined blockchain-powered trade finance consortium Marco Polo, which is founded by R3 and TradeIX. The move is aimed at “further lowering the barriers to access trade finance for business of all sizes globally.”

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC