Payment giant Mastercard in partnership with the financial and technological research company R3 plan to create a blockchain platform for international payments. Mastercard said both firms signed an agreement on a “development and pilot project” of a payment solution. Initially, it will be aimed at connecting faster payment schemes and attracting banks with the support of the Mastercard clearing and payment network.
The partnership will allow combining the experience of R3 in developing blockchain solutions with existing payment systems and the Mastercard network. Firms hope that the new platform will help solve industry problems such as costly payment processing, liquidity management and the lack of standardization and interaction between banks and local clearing systems.
“All institutions rely on the ability to send and receive payments, but too often technology is rather cumbersome and expensive. Cross-border payments are a particularly painful issue. Corda was specifically designed for such cases of corporate use and we are pleased to receive support from Mastercard in terms of distributing blockchain payment systems on a global scale, ”said David E. Rutter
Mastercard said the deal to use the Corda network from R3 will further expand the company’s payment options.
Peter Klein, Executive Vice President, Mastercard, New Payment Platforms, said:
“The development of a new, better solution for international B2B payments through improved interaction is the basis of Mastercard. Our goal is to provide a payment infrastructure and interoperability, as evidenced by our recent strategic acquisitions and partnerships, including our collaboration with R3. ”