Frictionless real-time payments can be expected from the blockchain-based cross-border payments solutions to be developed by Mastercard and R3.
Leading global payments and technology company Mastercard takes a step forward into the blockchain scene as it partners with R3, an enterprise blockchain software firm, to develop a cross-border payments solution.
According to the official announcement, the strategic team-up will focus on creating a more efficient and organized network of payments infrastructures, schemes, and banks. Mastercard will pilot the new solution through its clearing and settlement network.
Peter Klein, Executive VP of New Payment Platforms at Mastercard, said:
“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.”
R3’s Corda ecosystem will support the new cross-border payments platform, specifically the commercial version Corda Enterprise, as reported by CoinDesk.
Davit E Rutter, CEO of R3, commented:
“Cross-border payments can be a particular pain point. Corda was designed specifically for enterprise use cases such as this, and we look forward supporting Mastercard in bringing blockchain-enabled payments businesses across the globe.”
The new blockchain project is part of Mastercard’s multi-rail strategy, which aims to provide customers with the freedom to choose how to move their funds across borders.
Mastercard’s recent acquisition of Transfast, a global cross-border payments network provider, has paved the way for the payment giant’s next stop to delve into blockchain with R3.