Mastercard and R3 Partner to Develop New Blockchain-Powered Cross-Border Payments Solution

Blockchain-enabled model to further support banks to deliver a single frictionless real-time payments proposition
Mastercard will act as the network operator to process, clear and settle international payments
Purchase, NY – September 11, 2019 – Mastercard and R3, a leading enterprise blockchain software provider, have today announced a strategic partnership to develop and pilot a new blockchain-enabled cross-border payments solution that will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard.
Earlier this year, Mastercard strengthened its cross-border network reach with its acquisition of Transfast. Today’s announcement complements the company’s formidable capabilities by providing access to R3’s Corda ecosystem, which includes more than 300 of the world’s leading financial services firms, technology companies, central banks, regulators and trade associations.
The partnership is the latest step in Mastercard’s multi-rail strategy, providing customers with unrivalled choice in how they move money. By combining R3’s expertise in blockchain with Mastercard’s existing payment systems assets, brand and distribution, the partnership will provide increasingly innovative, value add services for customers, addressing factors such as high processing overheads, liquidity management and the existing lack of standardization and processes between banks and domestic clearing systems.
Peter Klein, executive vice president of New Payment Platforms for Mastercard, commented: “Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard’s ambition. Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships, including

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