Payment Company, MasterCard has partnered with enterprise blockchain firm R3 to build and pilot a new blockchain-based solution for cross-border payment purposes.

Furthermore, as per a press release by <a href="https://newsroom.mastercard.com/press-releases/mastercard-and-r3-partner-to-develop-new-blockchain-powered-cross-border-payments-solution/">MasterCard</a> on September 1, the two companies plan to pilot the new blockchain-enabled cross-border payment solution. Initially, the system will focus on linking global payment networks and financial institutions supported by MasterCard’s clearing and settlement network.

Moreover, earlier during the year, MasterCard boosted its cross-border infrastructure reach with its acquisition of Transfast. Today’s strategic partnership announcement complements the firm’s formidable capabilities by providing access to R3’s Corda ecosystem. Corda includes more than 300 of the world’s leading financial firms, tech companies, central banks, regulators and trade associations.

In addition, this partnership is the latest move in MasterCard’s multi-rail strategy; giving users unrivaled choice on how they move their cash. The combination of R3’s expertise in blockchain and MasterCard’s existing payment network assets, brand and distribution; the collaboration will provide increasingly innovative, value and service for consumers. This will address the factors such as high processing overheads; liquidity and the current lack of standardization and processes between banks and domestic clearing systems.
<h2><a href="https://www.cryptoknowmics.com/crypto/ripple-money-gram-official-partnership-money-gram-using-xrapid-xrp-for-global-payments/">Global Payment</a> Infrastructure</h2>
Peter Klein, executive vice president of New Payment Platforms for MasterCard, said:
<blockquote><strong><em>“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. ”</em></strong></blockquote>
David E. Rutter, CEO of R3, added:
<blockquote><strong><em> All institutions – large or small – rely on the ability to send and receive payments, but all too often the technology they rely upon is cumbersome and expensive. Cross-border payments can be a particular pain point. Corda was designed specifically for enterprise use cases such as this, and we look forward supporting MasterCard in bringing blockchain-enabled payments businesses across the globe.”</em></strong></blockquote>
<h2>In Conclusion</h2>
Just the previous week, MasterCard joined the blockchain-based trade consortium Marco Polo. The consortium was founded by R3 and TradeIX. The objective of the move is to further lowering the barriers to access trade finance for business of all sizes globally.”

MasterCard Partners R3 to Build a Cross-Border Payment Solution

Payment Company, MasterCard has partnered with enterprise blockchain firm R3 to build and pilot a new blockchain-based solution for cross-border.....%

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MasterCard Partners R3 to Build a Cross-Border Payment Solution

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