Mastercard and R3 blockchain consortium announce cooperation

Payment giant Mastercard and blockchain company R3 have announced a partnership, within the framework of which it is planned to create and test a new solution for cross-border transfers.

At the first stage, the solution will unite global payment infrastructures and banks in the Mastercard clearing and settlement network. The project participants intend to solve more pressing problems of the payment industry, such as the high cost of transaction processing, liquidity management, as well as increase the level of standardization and relations between clearing and banking systems.

“According to Mastercard’s plan, after improving the ability to connect one account to another at the global level, a new improved cross-border B2B solution will be created,” the company said.

At a certain stage of development, the R3 blockchain consortium will provide the Mastercard ecosystem with the opportunity to connect to the Corda platform, whose users are more than 300 financial services companies, central banks, regulators, technology companies and trade associations around the world.

“The Corda blockchain platform was created specifically for such corporate scenarios. We will do our best to support Mastercard in its efforts to distribute payment solutions on the blockchain all over the world, ”said R3 CEO David Rutter.

Recall that a week ago, the Mastercard Track division engaged in global trade between enterprises joined
to the Marco Polo blockchain trading finance platform, founded by R3 and TradeIX.