Mastercard and R3 to develop new blockchain solution

Mastercard and R3 partner to develop new blockchain-powered cross-border payments solution

Mastercard and R3 to develop new blockchain solution. Source: shutterstock.com

Mastercard and R3, an enterprise blockchain software provider, have announced a strategic partnership to develop and pilot a new blockchain-enabled cross-border payments solution that will initially focus on connecting global faster payments infrastructures, schemes, and banks supported by a clearing and settlement network operated by Mastercard.

By combining R3’s expertise in blockchain with Mastercard’s existing payment systems assets, brand and distribution, the partnership is expected to provide increasingly innovative, value add 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. 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. 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
Peter Klein, executive VP of New Payment Platforms for Mastercard

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