IBM today announced the IBM Blockchain World Wire, a real-time global financial settlement network for financial institutions.
IBM developed WorldWire for the purpose of speeding up and optimizing foreign exchange transactions and international payments and remittances.
WorldWire consolidates sending, clearing, and settlement of payment messages into a single network. It is also the first block-chain network that allows network participants to select different types of digital assets for settlement.
IBM today announced that it is expanding its billable area to 72 countries, including 47 worldwide currencies and 44 financial endpoints. In this process, local regulations of each country will be applied. IBM is actively expanding its network by adding participating financial institutions from around the world.
IBM Block Chain WorldWire offers a more efficient payment model using the Stellar protocol, which allows direct remittance to the counterparty bank, without going through a traditional bank like Coras Banking.
This reduces the interim process and shortens the user’s settling time by transmitting monetary values, often in the form of digital assets called coins or stapled coins.
This simplified approach can also lower transaction costs across financial institutions by improving operational efficiency and simplifying payment settlement.
The World Wire network already supports settlement with Stella Lumen and US Dollar Stable Coin based on a partnership with Stronghold, which IBM has already announced.
Furthermore, six international banks, including Pusan Bank, which decided to join the World Wire Network for the first time in Korea, including Bradesko Bank and Rizal Commercial Bank, have agreed to issue their own stapled coins to WorldWire. It has left the approval and review of regulatory authorities. The Korean Won, Euros, Indonesian Rupees, Philippine Pesos and Brazilian Healh Stables Coin have been added to the network.
“IBM is building a financial settlement network that accelerates the remittance process and transforms inter-state settlement methods to help move funds in countries that need it most,” said Marry Wick, general manager of IBM’s block chain. By building a network that supports assets, we look forward to driving innovation and increasing financial inclusiveness around the world. “