Mastercard technology company and R3-oriented corporate clients blockchain consortium R3 have announced a strategic partnership in which they develop and test a cross-border payment solution based on distributed registry technology.
According to a published press release , the future solution will initially focus on combining the global payment infrastructure and banks in the Mastercard clearing and settlement network.
By combining R3’s expertise in blockchain technology with existing payment networks and the Mastercard brand, project participants expect to solve industry problems such as the high cost of transaction processing, liquidity management, and the lack of common standards and processes among banks and national clearing systems.
R3 will also connect the Corda blockchain platform to the Mastercard ecosystem, whose users are more than 300 financial and technology companies, central banks, regulators and trade associations around the world.
“All organizations, regardless of their size, rely on the ability to send and receive payments. However, the technology they use too often is cumbersome and expensive. Cross-border payments can be especially problematic. Corda was specifically created for such corporate application scenarios, and we will be happy to support Mastercard in expanding the blockchain-based payment business worldwide, ”said David Rutter, CEO of R3.
Recall that in August MasterCard opened a number of vacancies for the development of the cryptocurrency direction.
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