IBM working with blockchain technology for improving cross-border transactions

IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector. IBM is working with blockchain startup Stellar and payment company Kickex to offer better cross-border transaction platform for banks. Compared to banking system, many new solutions are coming up that offer faster international transactions.

Considering security issues and other risks for payment systems, banks adopt new technology after considering lot of factors. IBM informed that it is closely working with Spain's BBVA, Indonesia's Bank Danamon and Australia's National Australia Bank to implement solutions using blockchain.

Bridget van Kralingen, senior vice president of IBM Industry Platforms, "With the guidance of some of the world's leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world."

While majority of banking institutions don’t believe in cryptocurrencies, they can still use blockchain technology for improving speed and security for cross-border transactions. Cryptocurrencies have tremendously gained in terms of valuation in 2017 and the year has so far remained volatile for Bitcoin and other major currencies.

TransferWise has gained clients as the service offers faster money transfer internationally. In addition to fast speed of transfer, TransferWise offers much better rates than banks. Even with low cost, TransferWise has remained limited to small customers and cost-savvy business owners.