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American multinational financial services giant Mastercard will produce a blockchain-powered cross-border payments platform in partnership with enterprise-focused blockchain firm R3.

According to Coindesk, Mastercard said both firms have inked a deal to “develop and pilot” the payments solution. It will initially be aimed from connecting faster payments schemes and banks backed simply by Mastercard’s clearing and arrangement network.

The woking platform will end up being built on Corda Enterprise, the commercial version regarding the platform, as compared with to the open-source Nota Network, R3 told CoinDesk.

The partnership is prepared to merge R3’s knowledge at developing blockchain remedies with Mastercard’s existing transaction systems and network. Ultimately, the firms hope typically the new platform will aid tackle industry issues such as costly payments running, liquidity management and a paucity of standardization plus connectivity between banks in addition to domestic clearing systems.

“All institutions – large or small – rely on the ability to send and receive payments, but all too often the technology they rely upon is cumbersome and expensive. Cross-border payments can be a particular pain point. Corda was designed specifically for enterprise use cases such as this, and we look forward supporting Mastercard in bringing blockchain-enabled payments businesses across the globe.”

R3 CEO David E. Rutter

Citing its July acquisition of international payments firm Transfast as a boost to its network, Mastercard said the deal to utilize Corda Enterprise will further expand its capabilities in the payments arena.

The news of the partnership also comes just days after Mastercard joined the Marco Polo trade finance blockchain network founded by R3 and TradeIX.

Peter Klein, executive vice president of new payment platforms at Mastercard, said in the announcement:

“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. 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.

Peter Klein, executive vice president of new payment platforms at Mastercard

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