The pilot programme will enable banks to send and receive money on a secure, private and direct network using Mastercard’s cross-border B2B service.
Tuesday 30, July 2019 BY KUDAKWASHE MUZORIWA
Bahrain’s Electronic Network for Financial Transactions (BENEFIT) has partnered with Mastercard to launch a pilot blockchain programme that will enable banks to deliver fast, secure and private cross-border commercial payments.
BENEFIT stated that the blockchain payment programme will allow businesses to make faster payments to their beneficiaries as the technology enables banks to directly exchange required payment information upfront, without the need for intermediaries, using the secure private blockchain network, thereby ensuring payment certainty.
Khalid Elgibali, the Division President, Middle East and North Africa, Mastercard, said,“Blockchain has the potential to transform the way payments are made.”
The programme will also give banks access to B2B payment trends, giving them insights into customers’ buying behaviour without compromising on the privacy of their financial data.