Stellar, IBM, and KlickEx announced a blockchain-based cross-border payments solution now processing live transactions across 12 currency corridors in the Pacific Islands, Australia, New Zealand, and UK, dramatically reducing costs and settlement times.
Stellar has partnered with IBM and KlickEx to launch a production cross-border payments solution using the Stellar network as its backbone. The system is already processing live transactions across 12 currency corridors spanning the Pacific Islands, Australia, New Zealand, and the UK. The collaboration includes major financial institutions like Mizuho, Sumitomo Mitsui, National Australia Bank, and others. The solution addresses inefficiencies in current cross-border systems by reducing fees, accelerating settlement, and improving compliance. This marks the first time public blockchain technology is being used in production for integrated multi-corridor cross-border payments, with potential to transform remittances and advance financial inclusion globally.
