IBM Creates “Blockchain World Wire” Using Stellar Lumens Technology
In an increasingly globalized world, corporations partnering with other enterprises in different corners of the economy is becoming commonplace. Despite the internet making collaboration and communication immensely easier, cross-border payments still are lacking.
ACH and SWIFT payment methods, despite their household name, still take days to settle. Current methods require “a series of intermediaries for both clearing and settlement,” with each additional step in the middle “adding time and cost to the process.
IBM’s Blockchain World Wire looks to accelerate this clearing and settlement process to near real-time. The assets function as agreed-upon storage of value exchanged between sender and receiver.
Stellar’s partnership with IBM
Stellar Lumens’ blockchain technology is being leveraged in yet another partnership with IBM to achieve this feat. IBM isn’t the first company to partner with Stellar. They also help to close the gap between countries. How? with a collaboration between TransferTo Ink and Stellar in late July looking to achieve the same objective.
This circumvents the need to satisfy multiple parties about currency conversions, taxations, and the like. By forgoing these steps, they can transfer payments to anywhere in the world, from anywhere in the world, at a fraction of the cost and time of conventional international banking.
IBM also has significant weight in the financial industry, unlike TransferTo Ink. 97% of the world’s largest banks are clients of IBM.