Mastercard, a multinational financial services corporation has partnered with enterprise-focused blockchain firm R3 to launch a blockchain-powered cross-border payments platform.
The deal on “developing and piloting” the payments solution was inked on Wednesday. It will initially be aimed at connecting faster payments schemes and banks backed by Mastercard’s clearing and settlement network.
The Mastercard’s blockchain solution will be run on Corda Enterprise, the commercial version of the platform, as opposed to the open-source Corda Network.
It is expected that the new platform will solve such issues as costly payments processing, liquidity management, the lack of standardization and connectivity between banks and domestic clearing systems.
“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,” Peter Klein, executive vice president of new payment platforms at Mastercard, told.