IBM recently announced that it is launching Blockchain World Wire (BWW), an international payment system with lower costs and faster transaction times, which is expected to phase out the need for banking intermediaries.
IBM's World Wire will enable cross-border payments in near real time, it said. The platform uses the intermediate cryptocurrency Stronghold USD and the Stellar protocol. This will allow financial institutions to process and process international payments in a matter of seconds.
“This solution uses digital assets to facilitate transactions and integrate payment instructions, transferring funds faster and cheaper than traditional banks.”
According to McKinsey & Company, the payments market could reach $2 trillion by 2020. Blockchain World Wire has many advantages:
-Supports payments (regardless of their size)
-Payments can be sent anywhere in the world in any currency
-Powerful security system with enhanced access control
-Simplicity
-Transparency
-The user is charged a one-time minimum fee for translation
-Integrates with any payment system
IBM representatives also stated:
“Institutions can use their current payment systems - seamlessly connected to World Wire's API - to convert fiat currency into a digital asset. World Wire then converts the cryptocurrency into another fiat currency, completing the transaction. All transaction data is recorded on the blockchain, from which information cannot be accessed delete.”
According to cryptodaily.co.uk
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