IBM has now revealed a World Wire, which is a real-time global payments network for the regulated financial institutions, that is accessible in a growing number of markets.
The payment system which is designed to simply optimize and accelerate the foreign exchange, remittances and cross border payments. World Wire is the first blockchain network as of now its kind to integrate the payment messaging, clearing and settlement on a single unified network, which even allows the participants to dynamically choose from a wide range of digital assets for settlement.
World Wide has also enabled payment location in more than 70 countries, with 44 bank points and 47 currencies. Some of the local regulations will continue to guide the activation, and IBM is now actively growing the network with additional financial institutions across the globe.
World Wire offers a straighter through the model for cross border payment with the Stellar protocol that makes money transfers point to point in lieu of the complexities of conventional banking. It even reduces the third party intermediaries and allows the users to accelerate the settlement time often in seconds by transmitting monetary value in the form of digital assets which is commonly known as stable coins.
This approach also simplifies liquidity management, reducing overall transaction costs and improves the operational efficiency for the financial institutions.