Global payments provider Mastercard has partnered with blockchain firm R3 to improve its B2B payments network utilizing the blockchain technology.
Blockchain Firm R3
R3 is a global blockchain firm that is serving almost 2,000 legal and technical experts in 13 different countries. Mastercard had also made collaboration with Transfast to facilitate its international payment services for its users at the beginning of 2019.
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It is a part of the plan that the blockchain utility technology of R3 will implement on the running payment framework of Mastercard. This initiative is expected to be solved the users-based problems such as liquidity and the costs of payments across the borders. It will also improve the linkage of the firm with banks and other financial institutions.
Improvements in B2B Payments system across the borders
Peter Klein, executive vice president of Mastercard has shared its point of view on developing a better system for B2B payments across the borders.
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.
David E. Rutter, CEO of blockchain firm R3 said:
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 to supporting Mastercard in bringing blockchain-enabled payments businesses across the globe.
The current partnership between two firms is not newly established but Mastercard had already collaborated with R3’s Marco Polo for financial purposes. Their past experience went so well that it has resulted in the current initiative on behalf of two tech giants.