Blockchain solution for cross-border payments

The system is created to augment financial flows worldwide, for all payment types and values, said a statement, and allows financial institutions to choose the settlement network of their choice for the exchange of central bank-issued digital assets. Frustration with that has seen services like TransferWise rise, but, great as they are, they remain solutions for savvy consumers or small businesses rather than all.

Collaborating with Stellar.org and KlickEx Group, IBM's latest implementation of its Blockchain technology will, the company claimed, enable banks to complete business-to-business transactions on a single network in real time. IBM informed that it is closely working with Spain's BBVA, Indonesia's Bank Danamon and Australia's National Australia Bank to implement solutions using blockchain.

They say it is expected to process up to 60 percent 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.

Digital Currency is The Key: The fresh blockchain banking process is significant as the banks firstly will depend on bitcoin like digital currency called Lumes to ease the payments made across multiple countries.

In a statement issued yesterday (16 October), IBM said that the solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom.

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The company suggested the same system could be used to manage an arrangement between a farmer in Samoa and a buyer in Indonesia by recording the terms of the contract, managing trade documentation, allow the farmer to put up collateral, obtain letters of credit and finalise transaction terms with immediate payment, making it simpler for businesses of all sizes to trade across borders.

"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.

IBM has also partnered with Walmart, Kroger, Nestle and others to improve the food safety by using Blockchain technology which can help to enhance traceability and transparency.

Blockchain ledgering now may be thought of as a technology having more impact in the financial sector, though notably in retail, Walmart has worked with IBM and others to support use of blockchain for tracing accountability in complex food supply transaction for their global grocery efforts.

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