IBM has unveiled a network for cross-border payments, which is powered by blockchain technology.

Dubbed IBM Blockchain World Wire, the new offering will integrate payment messaging, clearing and settlement on one network.

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It is said to be the first of its kind to do so.

The network will facilitate money transfer in 47 currencies across 72 countries.

It utilises the Stellar protocol to support point-to-point money transfers, thereby lowering the need for intermediaries and speeding up transaction settlement time to seconds.

At present, the network supports Stellar Lumens and a US dollar-based stable coin via partnership between IBM and Stronghold.

In the future, it plans to add support for Euro, Indonesian Rupiah, Philippine Peso, Korean Won, and Brazilian Real stable coins.

This is possible through the tie-ups with six global banks, who have agreed to issue their own stable coins on the network.

Among these banks are Banco Bradesco, Bank Busan, and Rizal Commercial Banking. The move is subject to regulatory nod.

IBM Blockchain general manager Marie Wieck said: “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.”