Mastercard have teamed up to launch a pilot blockchain program that will allow banks to make fast and secure cross-border business payments.
This is a historic event for the banking sector of the kingdom and the first time Mastercard introduces the blockchain nationwide.
The pilot program will allow banks to send and receive money in a secured
private network using the B2B Mastercard service. The technology solves several problems of modern B2B payments, such as speed and transparency. Enterprises will be able to
make faster payments to their beneficiaries, since this technology allows banks to directly exchange the necessary payment information without intermediaries, thereby ensuring the reliability of payments.
Khalid Elgibali, president of the Mastercard division in the Middle East and North Africa, said:
Blockchain has the potential to change the way payments are made.
Mastercard is proud to present the latest payment technologies in the region that help build the infrastructure for Bahrain’s smart economy. Mastercard will continue to work with
Benefit and our other partners in the region to explore further options for using the blockchain technology, which can help improve efficiency, transparency and support the development of the digital economy.
Benefit CEO Abdulwahed Al-Janahi said:
We are very pleased to sign this agreement, which will strengthen the position of Bahrain as an international
blockchain hub. The project is in line with the national program of introducing innovative products based on new technologies. We also thank Mastercard and appreciate the support we receive from the Central Bank of Bahrain (CBB) and the Economic Development Board (EDB).
Posted using Partiko Android