In a recent press release, MasterCard has announced that it has partnered with enterprise blockchain firm, R3, to create and implement a blockchain enabled platform for cross-border payments. The platform will be focused on helping to facilitate fast global payments for all schemes and financial institutions which are powered by a clearing and settlement network run by MasterCard.

Built on R3’s Corda Enterprise platform, the partnership will take advantage of MasterCard’s experience and expertise with its current framework for payments, and R3’s expertise in the world of blockchain technology.  Both firms believe that the new project will offer a breath of fresh air to the current problems of cross-border payments including liquidity, connectivity setbacks as well as the general cost of some of these transactions.

According to MasterCard’s executive vice president of New Payment Platforms, Peter Klein:

“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. It confirms our commitment to innovation, both home-grown and through partnerships and acquisitions, to support advances and innovation in the increasingly complex global payment infrastructure space.”

Earlier this year, MasterCard acquired Transfast, a global payments company, to further strengthen its cross-border transactions. Now, the new partnership will take these services more than a notch higher.

David E. Rutter, R3’s CEO has expressed excitement at the partnership. Rutter said:

“We are excited to partner with MasterCard to help shape the future of the digital payments ecosystem. 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 to supporting Mastercard in bringing blockchain-enabled payments businesses across the globe.”

Image Credits: Pixabay

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