A big announcement has quietly shaken the future of payment processing for cryptocurrencies around the world. Major international firms including IBM, Barclays Bank, Citi, CLS, and seven other global banks launched a brand new blockchain-based platform. This will dramatically impact the speed and ability of cryptocurrency users to process transactions at merchants in the near-future.
The partnership, called LedgerConnect, is significant for many reasons. One reason is the super-powered names behind the group. IBM is Big Blue, the enterprise software giant impacting computing significantly since the 1950s. CLS is a foreign exchange settlement provider. Citi is one of the three largest American banks, and a global leader in credit and payment processing. Barclays Bank is among the five largest international British mega-banks, with operations in Britain, Europe, Americas, Africa, Asia, and also Australia/New Zealand.
LedgerConnect Will Change the Way the World Processes Crypto Payments
LedgerConnect has the potential to shake the foundations of payment processing for digital assets BTC, ETH, LTC, XRP globally. It will connect a number of companies that include collateral management, sanctions screening, customer compliance, and more still.
LedgerConnect allows banks, buy/sell side companies, software retailers, fintech firms, etc., to share, deploy, and use blockchain-hosted consumer services. Vendors providing services include IBM, Baton Systems, Calypso, Copp Clark, OpenRisk, MPhasis, SynSwap, and also Persistent Systems.
The reason underlying this ground-breaking project is the crypto-universe’s need for increasing speed of the banking sector adopting blockchain-based applications. Banks today continue to test a number of these features. Furthermore, few of them have made it into commercial use. The LedgerConnect group says costs are prohibitive for individual banks to separately build up and test every possible app.
It explains the reason why Barclays has chosen to become significantly involved. The Chief Technology Officer Lee Braine, of Barclays Investment Bank, shared his take on Barclays’ participation in the group. “Barclays is participating in the LedgerConnect proof-of-concept… so we can gain an understanding and experience of a new network for blockchain applications… and also test some candidate use cases on that network,” he stated. Big improvements are on the way for global crypto payment processing.
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