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IBM's global real-time payments network, Blockchain World Wire (IBWW), officially went live last March. Operating in 72 countries, 44 banks and compatible with 47 currencies, the network aims to facilitate and accelerate financial transactions, such as transfers and cross-border payments, enabling greater movement of money in countries with limited infrastructure, promoting their financial inclusion.
IBWW is the first blockchain network of its kind to integrate payment confirmations, clearings and settlements into a single unified network, allowing customers to dynamically choose a variety of digital assets to complete their business.
Instead of the bureaucracy relevant to conventional banks, IBWW offers an international payments model, based on the Stellar cryptocurrency protocol (XLM), which makes point-to-point money transfers. This allows accelerating processes by reducing intermediaries and using so-called digital assets, which are cryptocurrencies and “stablecoins”. Stablecoins are digital currencies created to minimize the volatility of their market value and are generally pegged to a fiat currency. By simplifying the overall process of financial transactions, costs are also reduced.
Bradesco is the first Brazilian bank interested in joining the IBWW. In addition to it, five other major banks are awaiting approvals to start issuing their own stablecoins on the network, including Bank Busan (South Korea) and Rizal Commercial Banking Corporation (RCBC) Philippines.
For now, IBWW is operating with Stellar cryptocurrency and dollar stablecoin, with IBM promoting network expansion to more countries and increasing the number of partner banks.
Source: Tecmundo
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