Mastercard and R3 Partner to Develop New Blockchain-Powered Cross-Border Payments Solution
September 11 2019 - 7:00AM
Business Wire
Blockchain-enabled model to further support
banks to deliver a single frictionless real-time payments
proposition
Mastercard will act as the network operator to
process, clear and settle international payments
Mastercard and R3, a leading enterprise blockchain software
provider, have today announced a strategic partnership to develop
and pilot a new blockchain-enabled cross-border payments solution
that will initially focus on connecting global faster payments
infrastructures, schemes and banks supported by a clearing and
settlement network operated by Mastercard.
Earlier this year, Mastercard strengthened its cross-border
network reach with its acquisition of Transfast. Today’s
announcement complements the company’s formidable capabilities by
providing access to R3’s Corda ecosystem, which includes more than
300 of the world’s leading financial services firms, technology
companies, central banks, regulators and trade associations.
The partnership is the latest step in Mastercard’s multi-rail
strategy, providing customers with unrivalled choice in how they
move money. By combining R3’s expertise in blockchain with
Mastercard’s existing payment systems assets, brand and
distribution, the partnership will provide increasingly innovative,
value add services for customers, addressing factors such as high
processing overheads, liquidity management and the existing lack of
standardization and processes between banks and domestic clearing
systems.
Peter Klein, executive vice president of New Payment
Platforms for Mastercard, commented: “Developing a new and
better cross-border B2B payments solution by improving worldwide
connectivity in the account-to-account space is central to
Mastercard’s ambition. 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”
David E. Rutter, CEO of R3, added: “We are excited to
partner with Mastercard to help shape the future of the digital
payments ecosystem. All institutions – large or small – rely on the
ability to send and receive payments, but all too often the
technology they rely upon is cumbersome and expensive. Cross-border
payments can be a particular pain point. Corda was designed
specifically for enterprise use cases such as this, and we look
forward supporting Mastercard in bringing blockchain-enabled
payments businesses across the globe.”
About R3
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.
R3’s global team of over 200 professionals in 13 countries is
supported by over 2,000 technology, financial, and legal experts
drawn from its vibrant ecosystem.
The Corda platform is already being used in industries from
financial services to healthcare, shipping, insurance and more. It
records, manages and executes institutions’ financial agreements in
perfect synchrony with their peers, creating a world of
frictionless commerce. Learn more at www.r3.com and
www.corda.net.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
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version on businesswire.com: https://www.businesswire.com/news/home/20190911005380/en/
Mastercard Communications Ellie Fixter
ellie.fixter@mastercard.com Emma Harvey emma@seven-consultancy.com
R3 Communications Charley Cooper charley@r3.com Nick
Murray-Leslie R3@chatsworthcommunications.com
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