This past week, several collaborations between large tech firms, traditional FIs and FinTech upstarts stood out, with some blockchain projects thrown in for good measure.
IBM unveiled a blockchain-based payments system, which will enable cross-border transactions. That system is called World Wire and will be run on the Stellar network. The firms have said that the service will offer “faster payment processing (simultaneous clearing and settlement), lower costs, increased efficiency and simplified payment and asset types of transactions.” The joint efforts are couched as being among those that let financial firms settle cross border payments in a matter of seconds.
Late last month, LumoXchange said it launched a money transfer service that trains its sights on the Philippines. The platform has had support and collaboration from the likes of the Development Bank of the Philippines, and has bank partners such as Banco de Oro (BDO) and the Land Bank of the Philippines. The Land Bank is a government-owned bank.
In August, Finserve, a wholly owned subsidiary of the Equity Group, said it launched the Jenga API and Jenga Payment Gateway. These efforts are centered on “a more robust” payment infrastructure that spans several countries. By stretching across borders, the Jenga offerings allow businesses to accept payments into their corporate accounts.
Africa continues to be an area of focus for revamped payments infrastructure and tech oriented initiatives. Kenya, for example, is on track to launch its own blockchain cryptocurrency. Want to see more of what is going on in Africa and emerging markets? Click here.
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