This Wednesday, Mastercard announced that it will develop, alongside with enterprise-focused blockchain company R3, a cross-border payment platform based on blockchain.
According to the announcement, both companies signed a deal for the platform’s development and testing, and it will be initially aimed to connect faster payment schemes and banks backed by Mastercard’s clearing and settlement network. Also, this platform will be built on Corda Enterprise, the commercial version of Corda Network.
On this partnership, both companies expect this platform to help tackle various industry problems, such as liquidity management, costly payment processing, and lack of standardization and connectivity between banks and domestic clearing systems.
David E. Rutter, CEO of R3, said in this regard:
“All institutions depend on the ability to send and receive payments, but many times the technology on which they depend for it is cumbersome and expensive. A particular case is cross-border payments, which usually have complications. Corda was designed for specific cases like this, and we hope that alongside with Mastercard we can provide blockchain-enabled payments businesses around the world. ”
This hasn’t been the only recent news related to Mastercard and blockchain networks. A few days ago, the payments giant joined the Marco Polo trade finance blockchain network, founded by R3 and TradeIX.