Big Blue has quietly introduced the IBM Blockchain World Wire, a cross-border payment solution that uses the Stellar protocol. The key benefits are to speed up international payments, lower costs, and increase efficiency.
World Wire works by integrating standard financial institution payment mechanisms with the World Wire API. The result is a low-cost foreign exchange transaction.
The sending and receiving institutions use their existing systems to pay into and receive money from the network using the World Wire API. When the money is paid into the network it’s converted to a digital asset in one currency, and then converted to a digital asset in the target currency, before a conventional payment is made to the second bank.
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