UK-based foreign exchange and payments specialist Currency Matters joins IBM Blockchain World Wire — the global payments network which uses Stellar’s XLM cryptocurrency.
In a press release on Friday, Currency Matters announced its intention to join World Wire, IBM and Stellar’s real-time cross-border payments network.
Boasting a global reach, with clients in 76 countries payments in over 100 jurisdictions, foreign exchange specialists Currency Matters intends to upgrade their systems with the World Wire network — enabling them to settle cross-border payments in mere seconds, at a fraction of the cost. This will allow the company and its clients access to new digital assets, including Stellar’s XLM cryptocurrency and the stable coins that are built on it.
Speaking in the press release, Currency Matters CEO Jon Anderson emphasized the importance of the new technology:
“Working with IBM, Currency Matters will help to deliver a faster, more transparent, and secure cross border payments process at a much lower cost. This technology will revolutionise the global payments industry and we are delighted to play our part.”
IBM announced the launch of the World Wire network on Monday, and is already positioned to support more than 70 countries, with over 1000 trading pairs and 40+ banking end points. The cross-border payments network — built on IBM’s blockchain technology and the Stellar public protocol — is poised to be at the forefront of the global remittances and settlements sector.