Foreign exchange specialist CURRENCY MATTERS announced it will join IBM Blockchain World Wire, a real-time global payments network for regulated financial institutions, designed to optimize and accelerate foreign exchange and remittance services.
By connecting to the World Wire network, Currency Matters now has access to a single unified network for foreign exchange and cross-border payments clearing and settlement built on blockchain technology and the Stellar public protocol. This will allow Currency Matters to offer clients the ability to conduct transactions across additional currency corridors and provide access to new digital assets including stable coins using Stellar Lumens (XLM).
World Wire enables regulated financial institutions to expand their business ecosystems more rapidly, while improving financial inclusion for people around the world through highly secure, point-to-point payment transactions.
“Blockchain provides a unique technology for payments,” said Jesse Lund, Global Vice President, IBM Blockchain. “Using World Wire, participants like Currency Matters can discover each other’s capabilities, negotiate FX rates, and transfer value in real time. This reduces the need for intermediaries and long durations for clearing and settlements – which ultimately can get money into consumers’ hands faster and more cost-effectively.”The World Wire network is poised to support more than 50 countries, with 20+ currencies and more than 30 banking end points, with the network of financial institutions actively growing.