International IT behemoth IBM has announced the launch of its IBM Blockchain World Wire, a payment network developed for the benefit of regulated financial institutions.
"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 of IBM Blockchain, in the firm’s press release.
"By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide."
The blockchain network has been designed to streamline and accelerate foreign exchange, cross-border payments and remittances and is the first of its kind to unify payment messaging, clearing and settlement in one network.
IBM Blockchain World Wire also enables participants to select from a variety of digital assets for settlement.
The network has thus far launched in 72 countries, serving 47 currencies and 44 banking endpoints, with plans to continually expand to more countries and markets.
Highlighting the uptake of the network so far, the press release added:
“Pending regulatory approvals and other reviews, six international banks, including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation (RCBC), have signed letters of intent to issue their own stable coins on World Wire, adding Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the network.”