Computing giant IBM has launched a blockchain-based financial solution that it says has the potential to completely upend the existing status quo in global payments and remittances. The new solution called ‘IBM Blockchain World Wire‘ combines the Stellar blockchain with digital assets to make instant money transfers possible of a guaranteed value possible.
The new Stellar-based platform describes itself as a “financial rail that can simultaneously clear and settle cross-border payments in near real-time.” According to IBM, World Wire integrates readily with any existing payment system and it supports payments of any size, to any destination, in any asset type within a high-security environment.
Describing World Wire’s potential utility, information from IBM says in part:
“With IBM Blockchain World Wire, clearing and settlement with finality happens in near real-time. The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages. It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”