A partnership between “MasterCard” and the R3 project to develop a blockchain for payments
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Answer A partnership between “MasterCard” and the R3 project to develop a blockchain for payments
MasterCard, one of the payments giants, is preparing to develop a blockchain-powered payment platform in collaboration with R3.
Back Advertising Yesterday, Wednesday, the two companies signed an agreement to develop and pilot a financial payment solution via blockchain technology.
The goal set out initially will be to connect banks supported by MasterCard to experiment with clearing and fast dispatch processes.
The new platform, which is being developed jointly by MasterCard and R3, will be based on the Corda Enterprise edition instead of the free and open version Corda.
The new partnership also aims to combine R3’s expertise in developing blockchain solutions with MasterCard’s expertise in dealing with digital payment solutions.
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David E. Rutter, CEO of R3, said:
“Most institutions, whether large or small, depend on sending and receiving payments, but in many cases the technology they depend on is very expensive, especially financial payments outside the borders.
Corda is specifically designed for enterprise use cases, and we look forward to supporting MasterCard and bringing its business to run on the blockchain in all regions of the world.”
The new partnership comes just days after it was announced that MasterCard had joined the Marco Polo Network, which was established by R3 and TradeIX.
While the statement of Mr. Peter Klein, Executive Vice President of New Payment Platforms at Mastercard, was as follows:
“Developing new B2B payments solutions that are better than existing ones by speeding up operations and reducing their costs is one of Mastercard’s greatest ambitions.
This is evidenced by the company’s recent strategic acquisitions and partnerships, including the partnership with R3.”
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