Mastercard Inc. MA, -3.89% said Wednesday it was partnering with blockchain software provider R3 to develop a new blockchain-enabled cross-border payments solution. The move comes after Mastercard acquired Transfast earlier this year to strengthen its business-to-business and cross-border network system. Mastercard and R3 said their payments solution will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard. “Developing a new and better cross-border B2B payments solution by improving worldwide connectivity in the account-to-account space is central to Mastercard’s ambition,” said Peter Klein, executive vice president of new payment platforms at Mastercard. The stock rose 0.5% in premarket trading, after pulling back 6.8% over the past three sessions from the Sept. 5 record close of $292.08. Year to date, Mastercard’s stock has soared 44% while the Dow Jones Industrial Average DJIA, +0.28% has gained 15%.
Mastercard partners with R3 to develop blockchain enabled cross-border payments offering
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