Mastercard and R3 teamed up to create a new cross-border payment solution

Mastercard payment system and the New York financial and technological company R3 entered into partnerships in order to develop a new blockchain solution for cross-border payments – it is assumed that initially banking institutions and organizations that already cooperate with Mastercard will become participants in the new system.

Earlier this year, Mastercard has already taken some steps to expand its ability to provide cross-border transfer services, in particular the acquisition of Transfast. Today’s announcement will allow Mastercard to open its customers access to the Corda ecosystem from R3, to which over 300 companies are connected, the activity of which is related to the provision of financial services. As part of the new project, the companies intend to solve such pressing problems as the high cost of transaction processing, liquidity management, the lack of proper standardization and agreements between banks and local clearing systems.

David Rotter, CEO of R3, noted that cross-border payments are currently a sore point for many, and Corda technology was created specifically to solve problems for corporate use. So, R3 is ready to support Mastercard in the distribution of innovative blockchain solutions around the world.