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Payments giant Mastercard has entered into a partnership with blockchain firm R3 to develop a blockchain-based cross-border payment solution.
As per a press release, the two firms signed a strategic partnership to “develop and pilot” the payments solution. The initial focus will be on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard.
“Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard’s ambition,” Peter Klein, Mastercard Executive Vice President, 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,” he added.
The partnership plans to combine R3’s blockchain expertise with Mastercard’s existing payment systems and network. Both firms are hoping that the new solution will help tackle issues, including high processing overheads, liquidity management, and the existing lack of standardization and connectivity between banks and domestic clearing systems.
“All institutions – large or small – rely on the ability to send and receive payments, but all too often the technology they rely upon is cumbersome and expensive. 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,” R3 CEO David E. Rutter said.
The recent move is part of Mastercard’s plan to enhance its cross-border payments network, following its July acquisition of global payments company Transfast.
The latest partnership also follows after Mastercard recently joined Marco Polo, a trade finance network on R3’s Corda blockchain platform. As a member, Mastercard will connect its B2B global trade enablement platform, Mastercard Track, with the blockchain-based network to provide more businesses with trusted access to Marco Polo’s trade and working capital finance solutions.
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