Stellar Launches SWIFT-like Blockchain-Backed Money Transfer Network

Stellar Launches SWIFT-like Blockchain-Backed Money Transfer Network

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Stellar is launching one of the first Blockchain applications which may hold the potential to affect a large number of people outside the digital currency space, through its global money transfernetwork aimed at some of the world’s largest remittance markets. It has been described by CTO Jed McCaleb as an open-source SWIFT-like network that allows connected organizations to transact with one another thus helping to reduce the friction that contributes to higher fees. The platform also connects diverse financial systems with one technical integration. He says to Cointelegraph: “Given the diverse nature of global financial services today, this interoperability can substantially lower global remittance costs by making transactions that cross national boundaries, currencies and financial institutions much more efficient. Transactions processed on the Stellar network take only 3-5 seconds to complete, and are extremely low-cost, regardless of the size of the payment amount, attributes that make the platform uniquely suitable for international remittances.” Cross-border payments Stellar has partnered four key institutions to enable low-cost global money transfers to India, the Philippines and Europe as well as cross-border M-PESA payments to and from Kenya, Ghana and Nigeria. These new partnerships are particularly meaningful to the company because it is one of …