IBM and payments network KlickEx have announced Stellar as the backbone of its new “cross-border payments solution.”
In what it describes as the first use of public Blockchain technology “being used in production to facilitate cross-border payments in multiple integrated currency corridors,” IBM is already convening a group of big banking partners to further the initiative.
“Currently, cross-border payments take up to several days to clear,” Stellar co-founder Jed McCaleb said in an accompanying blog post.
“This new implementation is poised to affect a profound change in the South Pacific region, and once fully scaled by IBM and its banking partners, could potentially change the way money is moved around the world.”
KlickEx already has an extant payments network operating in Southeast Asia from its base in New Zealand.
Now, a group of “diverse banking leaders” will assist in the”development and deployment process” of the Blockchain-backed solution, which is already in active use, IBM states.
The move sees a significant implementation for Stellar within the global financial framework of legacy institutions, putting it alongside Ripple as one of the principal entities in Blockchain-based institutional settlements.