IBM develops blockchain system for banks

18 October, 2017, 00:40 | Author: Terri Saunders

Today, making global payments in developing countries can be costly, laborious and error-prone, with transactions in different currencies often requiring multiple intermediaries and taking days or weeks to complete. If the transactions involves different currencies, then it will require multiple intermediaries which increases the processing time. A platform enabling a hyperledger fabric - core to blockchain - in the form of a network that can settle complex cross-border transactions in a matter of seconds is of enormous immediate benefit to banks, and those forms are the initial focus of this announcement.

IBM has announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments, created to reduce the settlement time and lower the cost of completing global payments for businesses and consumers.

IBM wants to make global payments easier for both lender and borrower, across currencies, and regardless of the borrower's location - meaning, those in developing countries have a shot at borrowing, too. That network, being used by members of the Advanced Pacific Financial Infrastructure for Inclusion, eventually is expected to process up to 60% of all cross-border payments in the South Pacific's retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year. As Dream Payments provides a solution that allows businesses to sell from anywhere and accept payments from any tablet or mobile device, the goal is to help SMBs and financial institutions deliver mobile solutions faster.

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Blockchain, which is based on a disparate network of the computer to build an indelible, tamper-proof record of latest transactions, is popularly associated with a decentralized digital currency called bitcoin (BTC).

To develop and deploy the blockchain process, IBM has gathered a diverse group of partners, including Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp Philippines, Sumitomo Mitsui Financial Group, TD Bank, and other institutions. Big Blue has already been forging blockchain collaborations with several exchanges like the Memphis-based cotton exchange and London Stock Exchange.

"Financial service leaders and FinTechs recognize the need for digital reinvention to compete and win in the banking market", said Frank Attaie, VP of Financial Services at IBM Canada.

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