American multinational financial services corporation Mastercard Incorporated in partnership with a blockchain software provider R3 will launch a new blockchain-enabled cross-border payments solution.
According to the official press release, the new project will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard.
R3 will tie its own open-source blockchain Corda with the Mastercard new platform. At this moment, Corda already has over 300 global companies all over the world, including leading fintech firms, central banks, regulators and trade associations.
Executive Vice President of New Payment Platforms for Mastercard, Peter Klein, says developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space “is central to Mastercard’s ambition.”
“Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships, including our relationship with R3. It confirms our commitment to innovation, both home-grown and through,” Klein added.
Earlier iHodl reported that MasterCard has joined the Marco Polo Network, a trade finance network developed by R3 and based on the company’s Corda protocol.