Mastercard Partners With R3 For Better Payments Solution

Suzat

September 11, 2019 8:22 pm

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One of the largest payments provider Mastercard has recently collaborated with blockchain firm R3 to build a cross-border payment solution. Mastercard recently announced its partnership through a press release mentioning that both firms are looking forward to developing a new blockchain-enabled cross-border payment platform.

The announcement is a part of Mastercard’s plans to strengthen its cross border payments network, developing on its acquisition of global payments company Transfast earlier this year. R3 is part of the company’s multi-rail strategy, which sees customers choosing how their funds should be moved. 

Peter Klein, ice president of new payment platforms, Mastercard shared his thoughts as follows:

“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.”

The Move Towards Blockchain

In June 2018, Mastercard won blockchain patents maintaining its trend of adopting distributing ledger research even as it expresses open hostility to bitcoin and other digital currencies. 

The patent states:

“So, there is a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to assure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity associated in the transaction.”

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