Mastercard Inks Partnership with R3 to Develop Cross-Border Payment Solution

Mastercard collaborated with blockchain firm R3 to create an international payment solution. 

As indicated by a Mastercard official statement distributed on September 1, the two firms intend to pilot another blockchain-empowered cross-border payment solution. The framework will purportedly focus on linking worldwide quicker payment foundations, schemes, and banks.

According to the release, the revelation is part of Mastercard’s arrangements to reinforce its cross border payments network, building on its procurement of worldwide payments firm Transfast earlier this year.

The collaboration with R3 is part of the payment mogul’s multi-rail strategy, which sees clients selecting how their assets ought to be moved.

Peter Klein, executive vice president of Mastercard’s new payments platform, remarked on the improvement:

“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 collaboration expands on the past relations between the two organizations, which publicly showed also earlier this month when Mastercard joined R3’s Corda-powered Marco Polo Network for trade finance.

Mastercard additionally indicated enthusiasm for the cryptocurrency industry in August, when the organization had all the angling to enter the cryptocurrency wallet space with new job postings for blockchain and digital currency product advancement.