Mastercard and enterprise blockchain software firm R3 are working together to build and test an international blockchain-based payments platform.
The solution is designed to help banks and financial institutions boost the speed of cross-border payments, according to a press release. The network will be operated by Mastercard and utilize R3’s payments technology.
“The partnership is the latest step in Mastercard’s multi-rail strategy, providing customers with unrivalled choice in how they move money.
By combining R3’s expertise in blockchain with Mastercard’s existing payment systems assets, brand and distribution, the partnership will provide increasingly innovative, value add services for customers, addressing factors such as high processing overheads, liquidity management and the existing lack of standardization and processes between banks and domestic clearing systems.”
So far, there’s no target date for the launch of the test pilot.
This is the second collaboration between Mastercard and R3 announced this month.
On September 3rd, Mastercard announced that it’s joining the trade and working capital finance network Marco Polo, which was co-founded by R3.