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Last Updated : Sep 13, 2019 05:51 PM IST | Source: Moneycontrol.com

Mastercard and R3 announce partnership to develop new blockchain payments solution

The partnership is the latest step in Mastercard’s multi-rail strategy, providing customers with an unrivalled choice in how they move money

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Answer: HDFC Bank and Mastercard
Answer: HDFC Bank and Mastercard

Mastercard and R3, an enterprise blockchain software provider, announced a strategic partnership to develop and pilot a new blockchain-enabled cross-border payments solution.

It will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard.

The announcement complements the company’s formidable capabilities by providing access to R3’s Corda ecosystem, which includes more than 300 of the world’s leading financial services firms, technology companies, central banks, regulators and trade associations.

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The partnership is the latest step in Mastercard’s multi-rail strategy, providing customers with an unrivalled choice in how they move money.

By combining R3’s expertise in blockchain with Mastercard’s existing payment systems assets, brand and distribution, the partnership will provide increasingly innovative, value adds services for customers, addressing factors such as high processing overheads, liquidity management and the existing lack of standardization and processes between banks and domestic clearing systems.

"Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard’s ambition," said Peter Klein, Executive Vice President of New Payment Platforms for Mastercard.

"Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships, including our relationship with R3," he said.

"It confirms our commitment to innovation, both home-grown and through partnerships and acquisitions, to support advances and innovation in the increasingly complex global payment infrastructure space," Klein added.

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First Published on Sep 13, 2019 05:51 pm
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