R3 and Mastercard have signed a strategic partnership to develop and pilot a new blockchain-enabled cross border payments solution that will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard.
Earlier this year, Mastercard strengthened its cross border network reach with its acquisition of Transfast. This announcement complements the company’s capabilities by providing access to R3’s Corda ecosystem, which includes more than 300 of the world’s leading financial services firms, technology companies, central banks, regulators and trade associations.
The partnership is the latest step in Mastercard’s multi-rail strategy, providing customers with choice in how they move money. “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,” explains Peter Klein, Executive Vice President New Payment Platforms.
“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. It confirms our commitment to innovation, both home-grown and through partnerships and acquisitions, to support advances and innovation in the increasingly complex global payment infrastructure space.”
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