Currency Matters, a company that facilitates foreign exchange (forex) and overseas payments, announced this Friday that it would join the real-time global payments network IBM Blockchain World Wire.
The IBM Blockchain World Wire network consists of regulated financial institutions and is designed to optimize and accelerate forex and remittance services. By joining the network, Currency Matters now has access to a single unified FX and cross-border payments clearing and settlement system.
Built on blockchain technology on the Stellar public protocol, the World Wire network gives regulated financial institutions the ability to expand their business and improve financial inclusion.
Currency Matters Receives Access to Crypto Assets
In addition to clearing and settlement, by joining IBM Blockchain network, the FX payments company will be able to offer access to new digital assets, including stable coins using Stellar Lumens (XLM).
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Commenting on the announcement, Jon Anderson, the CEO of Currency Matters said: “We are proud and excited to have been selected as an Early Adopter and Core Member of the World Wire network. Working with IBM, Currency Matters will help to deliver a faster, more transparent, and secure cross border payments process at a much lower cost. This technology will revolutionise the global payments industry and we are delighted to play our part.”
According to the statement, the World Wire network is able to support more than 50 countries as it is comprised of more than 20 currencies and 30 banking end-points.
“Blockchain provides a unique technology for payments. Using World Wire, participants like Currency Matters can discover each other’s capabilities, negotiate FX rates, and transfer value in real time,” added said Jesse Lund, Global Vice President, IBM Blockchain.
“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,” continued Lund.