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Mastercard Partners R3 For New Blockchain-Powered Payment Solution

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Mastercard is teaming up with enterprise blockchain software firm R3 to develop and pilot a new blockchain-powered cross-border payment solution.

The new platform will serve as frictionless, real-time payments solution for banks, with Mastercard processing, clearing and settling international payments as the network operator. Mastercard will integrate R3's Corda Settler to support blockchain-powered cross-border payments.

Corda Settler is an open source CorDapp designed to settle Corda transactions with multiple global payment systems, both traditional and blockchain-based.

Mastercard will use Corda Enterprise platform to initially focus on connecting global faster payments infrastructures, schemes and banks to reduce costs and improve overall processes.

Peter Klein, executive vice president of New Payment Platforms for Mastercard, commented: "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."

R3's Corda ecosystem includes more than 300 of the world's leading financial services firms, technology companies, central banks, regulators and trade associations that are working together on R3's Corda enterprise-grade blockchain platform.

Recently, Mastercard also joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT). Mastercard Track, its B2B global trade enablement platform, will be integrated with the Marco Polo network to provide global businesses of all sizes access to Marco Polo's trade finance and working capital solutions.

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