Mastercard implemented a blockchain system for the international payments

In the middle of September, 2019 Mastercard announced implementation of a blockchain platform for the international payments which was developed together with financial and technology research company R3.

According to the statement of MasterCard, the agreement on "development and pilot start" of a new payment solution was signed. This blockchain platform is initially focused on consolidation of global payment infrastructure and banks in clearing and settlement network MasterCard. The platform is developed based on Corda Enterprise, the commercial version of the Corda Network blockchain platform open source. Users of the Corda platform are over 300 financial and technology companies, the central banks, regulators and trade associations worldwide.

Mastercard announced implementation of a blockchain platform for the international payments

Partnership will allow to integrate experience of R3 in development a solutions blockchain with the existing payment systems and MasterCard network. The companies hope that the new platform will help to solve such industry problems as high cost of transaction processing, the liquidity management and also a lack of uniform standards and processes among banks and national clearing to systems. Mastercard said that the transaction on use of Corda network of R3 company will even more expand its opportunities.

The executive vice president for new payment platforms of MasterCard Pieter Klein (Peter Klein) told that development of new and more perfect solution for the international B2B-payments will allow to improve interaction between different elements of a system. This cooperation, as well as acquisition of global payment company Transfast at the beginning of 2019, is in the plans of MasterCard for strengthening of network of the international payments. Besides, it is known that Mastercard opened a number of vacancies for development of the cryptocurrency direction.^[1]

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