{"id":5792,"date":"2018-09-04T22:39:22","date_gmt":"2018-09-04T19:39:22","guid":{"rendered":"https:\/\/forklog.media\/?p=5792"},"modified":"2018-09-04T22:39:22","modified_gmt":"2018-09-04T19:39:22","slug":"ibm-introduces-near-real-time-blockchain-payment-network-based-on-stellar-protocol","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ibm-introduces-near-real-time-blockchain-payment-network-based-on-stellar-protocol\/","title":{"rendered":"IBM Introduces \u2018Near Real-Time\u2019 Blockchain Payment Network Based on Stellar Protocol"},"content":{"rendered":"

IBM\u2019s Blockchain World Wire (BWW) payment network is out of beta, promising simultaneous clearing and settlement of cross-border payments in \u201cnear real-time.\u201d Based on Stellar blockchain, BWW attempts to negate banking intermediaries that add complexity and cost to the traditional international payments systems.<\/p>\n

Sending money across borders today requires a series of intermediaries for both clearing and\u00a0settlement, each adding time and cost to the process. With BWW, clearing and settlement with finality happens in near real-time. The solution uses digital assets to settle transactions \u2014 serving as an agreed-upon store of value exchanged between parties \u2014 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.<\/p>\n

The company says on its website<\/a>:<\/p>\n

“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions.”<\/strong><\/p><\/blockquote>\n

\"IBM

Source: IBM<\/p><\/div>\n

Banks use their existing payment systems connected to World Wire\u2019s APIs to convert the first fiat currency into the digital asset. After that BWW simultaneously converts the digital asset into the second fiat currency, completing the transaction with all transaction details being recorded onto blockchain for clearing.<\/p>\n

With this move into blockchain payments, the company will be competing with California-based startup Ripple, which already offers similar products (xCurrent and xRapid) for financial. A number of other institutions are also working towards their own similar payment solutions, with GMO Internet, Alibaba affiliate Ant Financial and others recently announcing moves in the space.<\/p>\n

IBM has been collaborating with Stellar since October 2017, stating in March that it is interested in expanding the business applications of cryptocurrencies.<\/p>\n

in July, IBM had partnered with Stronghold<\/a>, a financial institution building an asset-agnostic global payment and trade ecosystem, to create the Stellar network\u2019s first stablecoin.<\/p>\n

\u201cWe see this as a way of bringing financial settlement into the transactional business network that we have been building,\u201d<\/strong> IBM\u2019s VP of global blockchain Jesse Lund said at the time.<\/p><\/blockquote>\n

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IBM\u2019s Blockchain World Wire (BWW) payment network is out of beta, promising simultaneous clearing and settlement of cross-border payments in \u201cnear real-time.\u201d Based on Stellar blockchain, BWW attempts to negate banking intermediaries that add complexity and cost to the traditional international payments systems.<\/p>\n","protected":false},"author":1,"featured_media":5796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[862,68,864,243],"class_list":["post-5792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dlt","tag-ibm","tag-payment-network","tag-stellar"],"aioseo_notices":[],"amp_enabled":true,"views":"258","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=5792"}],"version-history":[{"count":2,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5792\/revisions"}],"predecessor-version":[{"id":5797,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/5792\/revisions\/5797"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5796"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=5792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=5792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=5792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}