The alliance seeks to strengthen global international transaction services with blockchain technology.
Mastercard recently announced its new plans with blockchain technology by partnering with the R3 Company. This alliance will seek to solve problems in payments and transactions between different countries, using a blockchain platform that will also help improve intercommunication between some financial institutions.
One of the world’s leading credit card companies, Mastercard, has confirmed its strategic contract with the powerful blockchain consortium R3, which is dedicated to handling financial data using blockchain technology. Both companies will seek to develop tools that help reduce problems in certain international payments. In this way, it is planned to use blockchain technology to improve those processes.
Mastercard issued a statement in which the news is released. The review explains that with this alliance, said company will mainly seek to expedite transnational transfers, improve the data connection between infrastructures as a method of accelerating liquidation as well as avoid the usual processes of credit banking. According to the statement, it will work under a completely business design seeking to take advantage of blockchain technology.
The scope of the multinational credit company Mastercard is known thanks to an important financial network between governments, merchants, financial institutions and individuals, in more than 210 countries around the world.
The action corresponds to a plan for the growth and improvement of the international payment systems that Mastercard conducts since January of this year with the purchase of Transfast, which is the global payment technology platform. It is believed that this alliance is one step more to intertwine the best of each company and create a new international system for large transactions.
About the new plans that would be developed during the next few years, the Executive Vice President of the Mastercard payment platform, Peter Klein, explained that this development will represent a new option for his clients.
“Developing a new and better business to business (B2B) solution for cross-border payments 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″, he concluded.
In another sense, when making reference to the acquisition of the international payment platform, Transfast, spokesmen of the Mastercard Company, commented: “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”.
It is estimated that the plan will operate to allow customers to manage their money instantly and from any country in the world. It is for this reason that the technology developed by the R3 Company can speed up Mastercard projects supported with a high-fidelity blockchain platform.
This blockchain platform is being designed to support administrative processes, reduce costs, and increase connectivity between banks and credit compensation systems. Users seek to execute cross-border payments and now another blockchain platform will allow it to improve the traditional market.
By María Rodríguez