Why IBM Chose Stellar (XLM) for Its World Wire Network?
| Updated by Julia Sakovich · 3 min read
Watch the video and discover what IBM developers working on World Wire think about Stellar technology and why they like it.
Coinspeaker has already reported that in March IBM introduced its Work Wire network. It is a global system for global payments which is built on the Stellar network.
This cooperation with IBM is a serious milestone for Stellar now has a real opportunity to win the leading positions in the sphere of payments and leave even such a giant as Ripple behind.
Previously IBM representatives stated that they had chosen Stellar technology owing to the fact that Stellar opens various opportunities for building reliable payment opportunities. Moreover, its protocol allows offering cost-efficient and speedy transactions which is extremely important for the customers today.
In the recently published video, Seema Phalke who is a Lead Developer at IBM World Wire shares her own experience working experience. We also invite you to watch the video above to discover what impressions professionals have.
IBM Blockchain World Wire is said to revolutionize the payments landscape and to offer a various range of opportunities that previously seem to sound too unrealistic for the sphere of cross-border payments.
World Wire provides financial institutions with an opportunity to clear and settle cross-border payments just in a couple of seconds which is ensured by the usage of blockchain technology and the Stellar protocol.
The new system ensures less time-consuming payment processing, including the reduced time that is needed for reconciliation and dispute resolution. Moreover, payment processing does not presuppose the involvement of multiple parties.
With Work Wire transactions will be cheaper, moreover, capital requirements have been lowered.
Turning to IBM’s new payment service, customers can be absolutely sure that all the processes will be as efficient and transparent as possible. The system supports a wide range of currencies and allows to make payments of any size and transfer them to different destinations in any corner of the world.
“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide,” this way Marie Wieck, General Manager in IBM Blockchain explained their idea.
Given all these factors and the opportunities that regulated financial institution get thanks to their connection to the network powered by Stellar, World Wire have good chances to replace the legacy banking system.
Last month it was also announced that six global banks had officially confirmed their intentions to issue their own stablecoins on IBM Blockchain World Wire. Moreover, two major U.S.-based banks have expressed their interest in this IBM’s project.
Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.