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IBM partners with Dream Payments to help financial institutions adopt mobile tech

18 October 2017, 12:38 | Ruby West

IBM partners with Dream Payments to help financial institutions adopt mobile tech

IBM uses blockchain to improve cross-border payments processing

The blockchain has always been seen as a method to quicken (and cheapen) cross-borders payments, and now that movement - which includes a number of startups making moves privately - just got its highest profile advocate after IBM announced its own solution focus on banks. They have partnered with the payment company KlickEx and Blockchain startup Stellar for developing this solution which can reduce the settlement time and transaction cost for global payments.

Big Blue is working with KlickEx, a cross-border payments system delivering financial infrastructure for emerging markets, and Stellar, a non-profit building an open source blockchain network for financial services on the new system, which uses IBM DLT technology to provide clearing and settlement of trades on a single network in real time.

For the first time, public blockchain technology - a kind of transparent ledger system that is distributed across the internet - is being used in a fully operational rollout to enable cross-border payments. It is tipped to handle 60 percent of cross-border payments from South Pacific's retail industry within the next year and there are wider plans beyond that.

The solution isn't just limited to the physical payments, either.

"Financial service leaders and FinTechs recognize the need for digital reinvention to compete and win in the banking market", said Frank Attaie, VP of Financial Services at IBM Canada.

"For example, in the future, the new IBM network could make it possible for a farmer in Samoa to enter into a trade contract with a buyer in Indonesia", said the statement.

IBM's solution is already active, processing live transactions across 12 different currency corridors between the Pacific Islands and Australia, New Zealand and the United Kingdom, with the goal of expanding capabilities.

IBM also announces today it teamed with Toronto FinTech company Dream Payments to create a cloud platform to make mobile payments easier for banks and merchants. The blockchain can record the terms of the contract, manage trade documentation, obtain letters of credit, help the business owners to put up collateral and finalize transaction terms with immediate payment.

"We are using blockchain technology in production to facilitate cross-border payments in multiple integrated currency corridors", said Jed McCaleb, co-founder of Stellar.

IBM's new blockchain solution is now using by banks such as Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia and Kasikornbank Thailand.

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