MasterCard has entered into with the Bahraini Bank’s network BENEFIT, a collaboration for the testing of its block-chain based payment network. It is the first Blockchain implementation of the payment service provider in the Middle East.
By Christopher clover
31. July 2019BTC$10.056,00 3.96%part Facebook Twitter LinkedIn xing mail
MasterCard has decided on a cooperation with Bahrain electronic network for financial transactions Benefit. In the centre of this cooperation is the testing of a block-chain based payment network that will serve the settlement of cross-border credit Transfers between banks and companies in the Middle East is. This is from a press release, the MasterCard on the 30. July has been published.
Thus, the pilot program will allow banks to send money in a private network on the B2B-Service from MasterCard:
The [Blockchain-]technology solves several challenges for today’s B2B payments, such as speed and transparency. Companies will be able to make faster payments to their recipients, because the technology allows it, the banks, the required payment information in advance, directly and without an intermediary, via the secure private Blockchain network to exchange and to ensure the payment security.
For Abdulwahed Al-Janahi, CEO of the Bahraini banking network Benefit, the collaboration seamlessly in the projects of Bahrain to position itself as an international centre for financial technology:
We are very pleased that this agreement is signed, which represents a qualitative leap for international remittance systems, and the name of Bahrain as a leading international hub for FinTech strengths. The project is in line with the national Agenda for introduction of innovative products based on new technologies such as Blockchain,
Al-Janahi commented on the cooperation in the press release.
MasterCard and Visa on the Blockchain-course
The payment service provider, so remains on the Blockchain course. An important milestone of the 20 selected for this. October 2017. Since then, MasterCard allows its business customers access to the Blockchain-platform „MasterCard Blockchain“. According to information the company has filed more than 100 Blockchain patents. The technology is designed to help MasterCard, for example, to protect customer data better. Another Patent describes a technology, which reminds suspiciously at a Bitcoin Mixer.
Even MasterCard-rival Visa relies increasingly on „decentralized“ approaches to the management of B2B transactions. In June, Visa launched the payment network B2B Connect.
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