Mastercard to build blockchain cross-border payments platform

Mastercard has announced it is to work with blockchain specialist R3 “to develop and pilot a new blockchain-enabled cross-border payments solution that will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard”.

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The platform is designed to address issues such as high processing overheads, liquidity management and the existing lack of standardisation and processes between banks and domestic clearing systems, Mastercard says.

The goal is to “further support banks to deliver a single frictionless real-time payments proposition,” the company adds.

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