Mastercard has opened its permissioned blockchain to developed to build B2B payment solutions that address challenges of speed, transparency, and costs in cross-border payments.
The payments giant has opened its blockchain APIs to developers to progress work in cross-border transactions. Mastercard has opened its blockchain technology up to developers, allowing financial institutions and merchants on a selective basis to start testing their own blockchain-based solutions. The payments giant said it both tested and validated its blockchain, and has prepared it initially for the business-to-business (B2B) space to address challenges of speed, transparency, and costs in cross-border payments. "By combining Mastercard blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable, and easy to scale," Mastercard Labs executive vice president Ken Moore said.