IBM to Create Stellar Based Payment Network

September 5, 2018

American IT giant IBM plans to create its own payment network based on the Stellar protocol. The network would be named BBW. This development is designed for banking sector representatives and other interested parties. 

IBM wants to offer the network to banking companies for rapid clearing and settlement of international transactions. The expected time is less than 10 seconds. This network could become a serious competitor to SWIFT. 

IBM has also launched a webpage with the thorough description of its new development. 

The company is sure, that this solution would ease the process of making transactions, make them cheaper and more effective. 

About a month ago, IBM became a member of a group working on a stablecoin called USD Anchor, based on the Stellar blockchain. It is worth noting, that the coin was insured by the Federal Deposit Insurance Department of the United States of America.

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