American multinational information technology company, IBM, has announced the launch of IBM Blockchain World Wire, a real-time Stellar-based global payments network for regulated financial institutions.
The network is reportedly developed to optimize and accelerate foreign exchange, cross border payments and remittances.
General Manager of IBM Blockchain, Marie Wieck, says the company has 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," Wieck added.
The network is already supporting settlement via Stellar cryptocurrency XML and a U.S. dollar stable coin through IBM's previously-announced collaboration with Stronghold, notes the announcement.
Moreover, one of the most famous banks such as Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation (RCBC), have signed letters of intent to issue their own stable coins on World Wire.
Earlier, IBM announced that France’s court clerks will use IBM’s blockchain platform to record changes in the legal status of the country's companies.
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