Global trade which involves a wide variety of different currencies makes it necessary for consumers to have an efficient real-time settlement system which provides access to digital assets. This is so that they can do business more effectively with people from other parts of the world. One such system which has recently been revealed is the IBM block chain world wire which is one of the most effective real-time global payment networks and the system has now been made officially accessible in a very large number of markets around the planet. It is not always easy to deal with foreign exchange and different currencies: yet this is something which IBM block chain has been specifically designed for and therefore it can effortlessly handle cross-border payments ensure accelerated foreign-exchange and remittances.
This is a pioneer system because world wire is in fact the first block chain network of this particular kind and it will certainly eliminate a lot of currently experienced problems. It will allow customers to choose from a wide variety of digital assets which can then be used to make settlements.
Adapting to global financial changes
World wire has been specifically designed to provide consumers with a new type of payment network which has been carefully designed to accelerate remittances and to deal with a wide variety of cross-border payments in order to ensure the smooth movement of currency especially in those countries where it is most needed. This is why it has been endeavored to provide a sophisticated network where many different financial institutions have support for a variety of digital assets so that consumers can more effortlessly do their business on a global scale. At the last count world wire has been supporting payment locations in more than 70 companies and this also includes over 40 banking endpoints with almost 50 different currencies which is supported.
The system is complying with local regulations and IBM is actively involved in expanding this new network and also in partnering with an increasing number of financial institutions all over the planet.
Superior design and implementation
IBM has been providing superior service for decades and this is why world wire provides a direct approach when it comes to cross-border payments and this is accomplished by implementing the Stellar protocol which is simplifying money transfers contrary to traditional banking systems. The need for intermediaries is now reduced and this is helping to speed up settlement time because the money is transmitted in the form of digital assets which is also known by some as stable coins and also crypto currencies. Tremendous care has been taken to provide a simplified approach with the objective to achieve better operational efficiency and also to address issues of liquidity management. Other important issues which receives attention is the streamlining of payment reconciliation while at the same time keeping overall transaction costs as low as possible. Several other issues have been considered during the design process and therefore the network already has support for settlements by using US dollar stable coins and Stellar Lumens and this has been made possible because of IBM’s new collaboration with Stronghold.
Acquiring additional partners
Several international banks have indicated a commitment to issue their own stable coins as soon as regulatory approvals has been received. These banks include RCBC otherwise known as Rizal commercial banking Corporation, Bank Busan, and Branco Bradesco. The currencies involved in these transactions include the Brazilian Real, the Euro, Korean Won, Indonesian Rupiah and also Philippine Peso. As the needs of clients changes IBM will continue to expand the system of settlement assets in order to ensure complete customer satisfaction. One should also take into consideration the quality of the partners becoming involved in the world wire project and in particular Bradesco has been known for its frequent innovation which has been doing a lot for customer experiences besides the improvement in efficiency which has been accomplished because of the strategies of this reputable institution. The same values is also extremely important to the world wire network and therefore they endeavor to create an environment where in their partners can continue to provide excellent service.
Addition of the Peso
The Peso stable coin is another currency which may soon be available on the world wire network as soon as the necessary approval has been obtained from local regulators. This has been announced by the vice president of RCBC. As an institution RCBC has a long history for providing their valued customers with extreme value. This is why they are very excited about the possibilities provided by world wire because this can allow RCBC to transform itself and to expand its current payment infrastructure thereby allowing it to provide an even more excellent service to loyal clients. The digital assets market is becoming increasingly popular to many other role players in the industry because according to expert predictions this market will be worth over $7 billion within the next three years. This is why a wide variety of businesses both large ones and small ones are doing everything in their ability to get into this lucrative market.
A viciously competitive market
There is a long list of companies who are endeavoring to cause disruption within the financial services industry. Companies such as PayPal and Square which is subsidies of Fintech had been seen excellent growth over the last couple of years because of the expectation among investors that it might be possible to generate attractive profits. It has been some time now that there has been clear indicators that the global financial markets is increasingly embracing digital payments instead of conventional cash methods. This is why digital payment options is continuing to grow in popularity. Just as with any other financial opportunity, the possibility to run into risks is always a constant concern. It has been seen by investors that some Fintec stocks is trading in a very narrow market and this can make long-term predictions a very difficult and a risky endeavor. Nevertheless there can be no doubt that there is viable opportunities but it still remains a risky proposition which will require extensive research and careful planning by investors.