Mastercard to Use Blockchain for Faster Cross-Border Payments
Executive VP of Mastercard Labs Ken Moore recently shared that the company will be launching its own blockchain network for the faster and more secure processing of cross-border payments with partner banks and merchants.
Mastercard adds that their private, permissions-based blockchain network will be used for clearing credit card transactions, as well as speeding up transaction settlements by eliminate administration tasks using smart contract rules.
The company will also be sponsoring the Money 20/20 Hackathon where the Mastercard Blockchain API will be made available to participating developers. Around 22,000 financial institutions will be using the API to connect to Mastercard’s network, which will eliminate the need of merchant customers to build their own distributed ledger server nodes.