IBM announced the official launch of the payment system on the basis of the Stellar Protocol. The platform is called “World Wire”. The news about the launch appeared yesterday on the official blog of the Corporation.
Stellar mentioned in the section of the post dedicated to the principle of World Wire:
“Using blockchain technology and Protocol Stellar, IBM Blockchain World Wire allows financial institutions to carry out clearing and settlement of cross-border payments in seconds”.
The advantages of your Dell system indicated a rapid processing of payments, low cost, improved performance, integration with any core systems, high security and many others. It is also known that the World Wire will support all types of digital assets, including digital currency Central banks (CDBC).
Apparently, World Wire will be supplied to financial institutions as a seamless add-ins on top of the already used systems. Although IBM did not specify it directly, from the text of the announcement should be that the recipient and sender of a payment can select different Fiat currency. The difference has no impact on processing time or on Commission: IBM has confirmed that in the framework of the World network Wire will be installed a single fixed transaction fee.
The Corporation is confident that the system will be in high demand: according to the announcement, 97% of the largest banks worldwide are customers of IBM. In addition, while maintaining 7 percent annual growth, by 2020 the payment industry will reach a capitalization of $2 trillion.
Despite the current reputation and extensive client base, IBM already has a competitor. A day earlier, the company is a payment solutions provider Square has announced the patent for a universal payment system.