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MasterCard and R3 develop Blockchain-payment system

The credit card giant MasterCard is to make sure that in the cross-border payment transactions for fresh Wind. For this, the group entered into a collaboration

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MasterCard and R3 develop Blockchain-payment system

The credit card giant MasterCard is to make sure that in the cross-border payment transactions for fresh Wind. For this, the group entered into a collaboration with R3, the developers of Corda,.

By Anton Livshits
12. September 2019BTC$10.305,43 2.56%part Facebook Twitter LinkedIn xing mail

The credit card giant MasterCard has a new partnership with the Blockchain-company R 3 is announced. The two companies cooperate for a payment system to facilitate international money transfer.

bridges between payment infrastructures

according to a press release from MasterCard, the aim of the cooperation is to make Connections between different payment infrastructures and banks. The project is a part of the "multi-pronged strategy" of the credit card group. Because of the financial giant would like its customers the choice of how to move your money.

MasterCard will operate the network, while R3 is granted access to the Corda Ecosystem. The partners promise that your project is intended to ensure, among other things, in the following areas for improvements: "processing costs, liquidity management, and the existing lack of standardization and a lack of processes between banks and national clearing systems."

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The cooperation with R3 is only one Element of the larger strategy of MasterCard. Only in the past year, the company acquired the global payment service provider of TRANS-fast. As a result of such Acquisitions, and partnerships of the credit card group would like to expand the reach of its own network. Also Peter Klein, Executive Vice President of New Payment Platforms at MasterCard, stressed in his Statement the need for such expansion:

The development of a new and better cross-border B2B payment solution by improving global connectivity in the area of account-to-account is for MasterCard are of Central importance. Our goal is to ensure the selection and connectivity of the global payment infrastructure, such as our recent strategic acquisitions and partnerships, including our relationship to R3, show.

MasterCard increasingly relies on Blockchain

Meanwhile, MasterCard also in other projects of the technology that is under Bitcoin use. The group decided a co-operation with Benefit, an electronic network for financial transactions in Bahrain. Here, too, the Blockchain is to be used, to simplify cross-border credit Transfers between banks and companies in the Middle East.

in Total, should be submitted to MasterCard, already over 100 Blockchain patents. The company is also a member of the Advisory Board of Facebook Cryptocurrency Libra.

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in Spite of Brexit: Blockchain-consortium R 3 is office space in London, MasterCard has doubled want to Blockchain payments in the Middle East allow for R 3 and R block state transfer Smart Contracts on Corda#Mastercard#R3#transaction costs
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