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Mastercard and R3 partnered up to build a cross-border blockchain payment solution

Payment processing giant Mastercard and blockchain software provider R3 have announced a strategic partnership aimed at developing a cross-border payment solution on the blockchain. By combining the payment system infrastructure with R3’s blockchain expertise, Mastercard aims to provide customers with new solutions for international money transfers.

The initial goal of the partnership is to address such factors as “high processing overheads, liquidity management and existing lack of standardization and processes between banks and domestic clearing systems”. According to the executive vice president of New Payment Platforms for Mastercard, Peter Klein, the central aim of the company is to develop “a new and better cross-border B2B payments solution by improving worldwide…

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