(19 March 2019 – Global) IBM has launched its own distributed ledger-powered global payments network – Blockchain World Wire – with claims it is able to settle cross-border payments within five to 10 seconds.
According to IBM World Wire is the first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single unified network, while allowing participants to dynamically choose from a variety of digital assets for settlement.
Stanley Yong, chief technology officer of IBM Blockchain for Finance said, “IBM Blockchain World Wire works by connecting participants over a peer-to-peer network for the exchange of financial messages as well as digital assets that are issued on the same network using a set of common APIs.”
“The results of the settlement – as well as the messaging – are stored onto a blockchain for auditability as well as transparency benefits throughout this whole remittance application that we’re building.”
World Wire’s most unique selling point is the inclusion of emerging market currencies.
Its purported ability to perform clearing and settlement of transactions without US dollars by using a host of smaller currencies means that swapping into and out of major currencies is no longer necessary.
The network has payment locations in 72 countries, using 47 currencies and 44 banking endpoints with further activation guided by local regulations.