IBM announced on 18 March about IBM Blockchain World Wire, a real-time global payments network in a host of markets.
IBM introduced World Wire as the first blockchain network to integrate payment messaging, clearing and settlement on a single unified network. The network also allows users to dynamically choose from a number of digital assets for settlement.
Marie Wieck, General Manager, IBM Blockchain cited –
“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”
IBM further conveyed that World Wire has enabled payments in 72 countries, supporting 47 currencies and 44 banking agencies. Local regulations would slowly work towards encouraging activation. IBM emphasized that it was striving to achieve a wider outreach with financial institutions.
IBM clarified that World Wire uses Stellar protocol and makes money transfers peer-to-peer. The dependence on intermediaries is eliminated and settlement time is accelerated to literally seconds. This productivity gain is enabled through stablecoins and provides operational efficiency for firms.
IBM highlighted that the network already supports settlement using Stellar Lumens and a US dollar stable coin. Six international banks which include Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation (RCBC) have signed letters of intent to introduce their stablecoin on World Wire. IBM would continue to expand its suite of settlement assets based on client demand.
Luiz Carlos Brandao Cavalcanti Junior, Innovation and Digital Channels Executive Director of Banco Bradesco, expressed that Bradesco continuously welcomes innovation that improves efficiency. Customer experience is also an important highlight. Luiz conveyed that World Wire Network addresses these needs and is well-suited for customers in Brazil.
Manny T. Narcisco, First Senior Vice-President of RCBC, added that they were elated to be an early innovator with plans to issue Peso stable coin on the network. This introduction of their stable coin is pending final approval from regulators. Manny touched upon the need for innovation that adds value to their customers.
Earlier this month, IBM’s blockchain was deployed by the French National Council of Clerks. The report highlighted that the blockchain solution would be utilized by the French commercial courts to bring transparency and competence in legal transactions. IBM had also reported about a new blockchain security testing service.
IBM concluded by conveying that World Wire was now in limited production. The availability in different countries is steadily increasing.