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Case Study
IBM
Worldwire
X
Organization
IBM Blockchain
Industry
Cross-border payments
Location
Global
TL;DR

IBM World Wire makes it cheap and easy for financial institutions to send any currency anywhere in the world using Stellar.

Financial institutions integrate their existing systems with the World Wire API, send a payment through a Stellar-based bridge asset, and settle on the Stellar network.

Overview

47
Currencies
72
Countries
44
Banking endpoints

Problem

Every day, financial institutions move trillions of dollars from country to country and currency to currency using a payment system designed over 50 years ago. It’s slow, expensive, and unnecessarily complicated.

Solution

IBM World Wire connects financial institutions to Stellar to allow simultaneous clearing and settlement of cross-border payments. It’s fast, safe, and cheap, and it’s available 24/7.

IBM World Wire
Cross-border payments on the Stellar network with IBM World Wire.

Implementation

Regulated financial institutions apply to join World Wire and are vetted by IBM. Approved subscribers connect their existing front-end interfaces to World Wire APIs and nine strategically-placed Stellar validator nodes. IBM also curates a list of Stellar-network assets, which includes both XLM and third-party-issued stablecoins, that World Wire participants can use as a bridge currency for transactions.

Why Stellar?

Stablecoins

World Wire subscribers transact using bridge assets like stablecoins, and Stellar is the only blockchain built with stablecoins in mind.

Nonprofit

IBM believes an open-source standard for payments should be stewarded by a nonprofit foundation.

Instant finality

The Stellar Consensus Protocol prevents forks, keeping all assets on one global ledger and allowing for immediate settlement of payments.

Compliance

As regulated financial institutions, World Wire customers employ Stellar’s regulated asset tools to adhere to KYC and AML requirements.

Scalability

World Wire’s coverage of 72 countries and 47 currencies requires a network that can handle high transaction volumes relative to other blockchains.