NZ's KlickEx partners with IBM to launch Blockchain-based payments network

IBM uses blockchain to improve cross-border payments processing

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Frustration with that has seen services like TransferWise rise, but, great as they are, they remain solutions for savvy consumers or small businesses rather than all.

IBM (IBM) announced Monday a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments. Traditionally, cross-border payments have involved numerous intermediaries who initiate, clear, and finalize any transaction involving multiple currencies.

With the support of technology partners Stellar.org and KlickEx Group, the IBM will implement the new solution for banks to enhance the speed and settle payment transactions on a single network in near real time. It will process up to 60% of all cross-border payments in the South Pacific's retail foreign exchange corridors including Australia, New Zealand, Fiji, Samoa and Tonga by early next year.

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In an advancement for payment technology, a network of banks and IBM have started using BlockChain software and digital currency for moving money across the borders of the entire South Pacific.

The technology giant revealed that it and Dream Payments are rolling out Dream Payments Cloud to US financial institutions, which is described as a scalable platform that enables financial institutions to provide business customers with secure mobile and digital payment services that help them go to market faster and improve customer experiences.

IBM Blockchain is already processing live transactions in 12 different areas across the Pacific Islands and Australia, New Zealand and the U.K. The tech allows parties to access financial transactions that could be prone to delays.

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In one example, IBM said its service could be used to connect a farmer in Samoa with a buyer based in Indonesia, while covering more than just the payment itself. The blockchain would be used to record the terms of the contract, manage trade documentation, allow the farmer to put up collateral, secure letters of credit, and finalise transaction terms with immediate payment, conducting global trade with transparency and ease, said the IBM statement. His team also leads global partnerships, represents IBM in industry consortiums, engages clients in solution design and development, and informs IBM's strategic investment priorities within the Blockchain and cryptocurrency industries.

Blockchain, which is based on a disparate network of the computer to build an indelible, tamper-proof record of latest transactions, is popularly associated with a decentralized digital currency called bitcoin (BTC).

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