MatchMove joins IBM Blockchain World Wire
By Digital News Asia March 20, 2019
- Supports real time payments and foreign exchange on the Stellar protocol
- Provide access to new digital assets including stable coins and cryptocurrency
MATCHMOVE on March 19 announced it will join IBM Blockchain World Wire, a real time global payments network for regulated financial institutions, designed to optimise and accelerate foreign exchange and remittance services.
By connecting to the World Wire network, MatchMove will have 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 MatchMove to offer clients the ability to conduct transactions across additional currency corridors and provide access to new digital assets including stable coins and cryptocurrency 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.
MatchMove founder and chief executive officer Shailesh Naik (pic), said, “When real time cross border payments start within IBM Blockchain World Wire network, it will further enhance our B2B Send solution immensely.
“As the number of financial intermediaries and corridors grow within the network, our clients will be able to empower users around the world to send and receive digital money from anywhere to anywhere instantly and at a lower cost, with the security of underlying blockchain.
“This is how we use technologies to solve real-world problems everyday by making basic banking services accessible and simple for everyone.”
“Blockchain provides a unique technology for payments,” said IBM Blockchain global vice president Jesse Lund.
“Using World Wire, participants like MatchMove 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.