As part of Mastercard’s efforts to further strengthen its cross-border network reach after acquiring Transfast earlier this year, it has now partnered up with R3, one of the leading enterprise Blockchain software providers to focus on linking faster global payments infrastructures and banks supported by a clearing and settlement network run by Mastercard.

The promising partnership nicely complements Mastercard’s already-impressive capabilities by offering access to R3’s Corda ecosystem, expanding their cross-border network to more than 300 leading global financial services firms, tech companies, central banks, regulators and trade associations.

R3 has already established its Blockchain expertise in the market, and when combined with Mastercard’sexisting brand reputation, assets and worldwide network, there are endless opportunities to exploit for both organizations. The strategic alliance has the potential to provide great innovative value-added services to customers, tackling different problematic areas like high processing overheads and the lack of standardization between banks and domestic clearing systems.

The CEO of R3 David E. Rutter had this to say about the partnership:

“We are excited to partner with Mastercard to help shape the future of the digital payments ecosystem. All institutions – large or small – rely on the ability to send and receive payments, but all too often the technology they rely upon is cumbersome and expensive. Cross-border payments can be a particular pain point. Corda was designed specifically for enterprise use cases such as this, and we look forward supporting Mastercard in bringing blockchain-enabled payments businesses across the globe.”

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Mastercard, R3, Blockchain, cross-border payments, partnership, David Rutter, Corda