IBM Blockchain World Wire launches in 72 countries

Marie Wieck, General Manager, IBM Blockchain

IBM has announced that its real-time payments network IBM Blockchain World Wire has enabled new payment markets with the current number standing at 72 countries, with 47 currencies and 44 banking endpoints along with additional financial institutions.

According to the company, Blockchain World-Wire is a network allowing integration of payments, clearings and settlement on a singular network. It facilitates cross border payments using the Stellar protocol, reduces intermediaries and allows users to speed up the settlement time through transmission by stable coins.

“We’ve 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,” said Marie Wieck, General Manager, IBM Blockchain. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”

The announcement follows six international banks including Banco Bradesco, Bank Busan and Rizal Commercial Banking Corporation (RCBC) having signed letters of intent to issue their own stable coins on World Wire, thereby adding Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the network.

“Bradesco continuously adopts innovation that enhances customer experience and improves efficiency,” said Luiz Carlos Brandao Cavalcanti Junior, Innovation and Digital Channels Executive Director, Banco Bradesco. “The World Wire Network addresses both of these aspects, and therefore presents a valuable opportunity for Bradesco and its customers in Brazil.”

“RCBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators,” said Manny T. Narcisco, First Senior Vice-President, RCBC. “We’re focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure.”

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