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Stellar and IBM’s World Wire gets another boost as MatchMove joins service




Stellar and IBM's World Wire gets another boost as MatchMove joins service
Source: Pixabay

World Wire is a real-time global payments network for regulated financial institutions and banks around the world to transfer money across borders seamlessly and efficiently.

According to DNA, a news outlet, a partnership between World Wire and MatchMove was finalized on March 19, 2019. The partnership will allow MatchMove to access a single unified network for foreign exchange and cross-border payments [clearing and settlement] built on blockchain technology and the Stellar public protocol.

MatchMove will allow users to transfer funds across borders not just by using Stellar Lumens [XLM], the native cryptocurrency of Stellar blockchain, but also using other currencies, including fiat and digital assets like stablecoins.

MatchMove’s CEO and founder, Shailesh Naik, stated:

“When real-time cross border payments start within IBM Blockchain World Wire network, it will further enhance our B2B Send solution immensely… This is how we use technologies to solve real-world problems everyday by making basic banking services accessible and simple for everyone.”

He further added that the partnership will allow their customers to become part of a global audience and send funds securely at a lower cost and with the security of the underlying blockchain.

IBM’s Head of Blockchain Solutions, Jesse Lund, said:

“Using World Wire, participants like MatchMove can discover each other’s capabilities, negotiate FX rates, and transfer value in real time. This reduces the need for intermediaries and long durations for clearing and settlements – which ultimately can get money into consumers’ hands faster and more cost-effectively.”

World Wire is open for business to potential customers across the world as it offers support in 72 countries, 47 distinct currencies, and 44 unique banking endpoints. It is a direct competition to other blockchain-based cross-border payment solutions developed by companies like Ripple or R3.

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