R3’s partnership with Mastercard to introduce its blockchain-enabled cross-border payments solution

R3 has entered Ripple’s playing field as it announced a strategic partnership with Mastercard, a leading global payments and technology company. This strategic partnership between the two is piloting a new blockchain-enabled cross-border payments solution, something that Ripple provides not only to banks but also to other Financial Institutions. The cross-border payment solutions intend on “connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard.” The partnership would bring Mastercard’s vast user base on-board and will address issues like high processing overheads, liquidity management and lack of standardization and processes between banks and domestic clearing systems. According to...