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IBM's blockchain-powered network is designed to speed global payments

George Nott | Oct. 18, 2017
The solution is already processing live transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom.

Earlier this month IBM and UBS Group launched a joint initiative that aims to build a blockchain-based platform dubbed Batavia with Commerzbank AG, Bank of Montreal, Erste Group Bank AG and CaixaBank SA.

“With the guidance of some of the world’s leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world,” said Bridget van Kralingen, Senior Vice President of IBM Industry Platforms. “Making distributed ledger technologies more interoperable is the latest example of IBM’s leadership driving the rapid advancement of blockchain.”  


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