PURCHASE, N.Y.—Mastercard announced that it is going even further into the blockchain world with its new cross-border payments partnership.
The firm said that it would work alongside R3 LLC, a provider of blockchain-powered software.
As part of the deal, the two firms will work together on providing a new payment solution for business to business (B2B) cross border payments, FXcompared reported.
The aims of the partnership will include building speedier payment transfer systems and emphasizing the importance of payment infrastructures.
Mastercard will provide the clearing and settlement networks required for the online money transfer to be processed.
“R3 employs more than 200 people around the world and is fast becoming a leader in its field,” FXcompared noted.