FinTech builds on blockchain for international mobile payments

IBM has partnered with a Polynesian payments system provider and an open-source FinTech payment network to implement a new international exchange based on a blockchain electronic ledger.

The new payment network

uses IBM's Blockchain Platform, a cloud service, to enable the electronic exchange of 12 different currencies across Pacific Islands as well as Australia, New Zealand and the United Kingdom.

KlickEx Group, a United Nations-funded, Pacific-region financial services company, and Stellar.org, a nonprofit organization that supports an open-source blockchain network for financial services, are backing the new cross-border payments service.

Payments made and received through KlickEx transfer between bank accounts in the Pacific Islands and Australia, New Zealand and Europe; the service also enables consumers in developing nations to transfer funds directly to mobile wallets.