MasterCard has strategically partnered with R3, a leading enterprise blockchain software provider to develop and pilot a new blockchain enabled cross border payment solution that will focus on connecting worldwide faster payment infrastructures, schemes and banks supported by a clearing and settlement network operated by MasterCard.
In a press released by Mastercard, the global payment firm revealed has earlier strengthened its cross border network by its acquisition of Transfast – a global cross-border payment network provider with proprietary payment network serving more than 120 countries globally.
The partnership will help provide increasing innovative, value added services for customers, addressing challenges such as high processing overheads, liquidity management and the current lack of standardization and processes between local clearing systems and banks.
Speaking on the partnership, Peter Klein, an Executive of MasterCard says the development of a new and better cross border Business 2 Business payments solution by improving worldwide connectivity in the account to account space is central to MasterCard’s ambition.
Peter Klein went further saying “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”
The firm believes the partnership with the Enterprise Blockchain Software provider will provide customers with unrivaled choice to transfer funds.
R3’s CEO David Rutter expressed his excitement at the partnership saying R3 is happy to partner with MasterCard to help shape the future of the digital payments ecosystem.
He went further saying, all institutions either large or small rely on the ability to send and receive payments, but all too often the technology relied upon is expensive and complex.
Defining Corda, David Rutter said, Corda was designed specifically for enterprise use cases such as cross border payments that is a pain point and R3 looks forward to supporting MasterCard bring blockchain enabled payments to business around the world.
R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.