IBM Blockchain World Wire is a solution developed by IBM to provide real-time international payments.
World Wire uses blockchain technology and the Stellar
protocol, which ensures reliability and high speed of payment transactions processing.
To make a money transfer using the IBM Blockchain World Wire, financial institutions have to agree to use a stablecoin
, a central bank's digital currency or another digital asset, which will act as a connecting asset between any two traditional currencies involved in the transfer. The introduction of digital assets simplifies the processing of international transactions.
To start using the system, companies do not need to enable any new software; they can use their existing payment systems, which will be connected to World Wire through the API. All transactions executed in the system will be stored on the blockchain, which will simplify future audits.
World Wire already supports settlements using Stellar Lumens and stablecoin in US dollars thanks to collaboration with Stronghold
, the infrastructure for virtual payment networks. With the launch of World Wire, 6 international banks, including Banco Bradesco, Bank Busan and Rizal Commercial Banking Corporation (RCBC), released their own stablecoins on World Wire, thereby providing the functionality to transfer such traditional currencies as Euros, Indonesian Rupiahs, Philippine Pesos, Korean won and the Brazilian real.
Currently World Wire provides money transfers in 72 countries, and includes 47 currencies and 44 bank systems endpoints.