An information technology and services company called Mastercard and an enterprise blockchain technology software provider called R3 have made an announcement of a partnership.
The initial focus of the partnership is to connect global faster payments infrastructures, schemes, and banks. Mastercard operates a clearing and settlement network which supports the banks.
The formidable capability of the company is complemented through the announcement. R3’s Corda ecosystem can be accessed now. Financial services firms, technology companies, central banks, regulators and trade associations are included in R3’s Corda ecosystem.
Developing a blockchain technology-based cross-border payments solution isn’t only a purpose of the partnership, but piloting the solution is one more purpose.
The Executive Vice President of New Payment Platforms for Mastercard Peter Klein said, “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.”
He added, “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.”
The information technology and services company Mastercard was founded in the year 1966. It is headquartered in New York. It is recognized as the world’s fastest payments processing network operator. Consumers, financial institutions, merchants, governments, and businesses are connected through its network. Everyday commerce activities [shopping, traveling, running a business and managing finances] are made easier, more secure, and more efficient with the help of products and solutions of Mastercard, according to the official LinkedIn account of Mastercard.
The latest step in Mastercard’s multi-rail strategy is the partnership. A better choice will be provided to customers in moving their money. Customers will be provided with innovative and value-added services by the combination of expertise in the blockchain technology of R3 with the existing payment systems assets, brand, and distribution of Mastercard, MoneyControl reported.