Mastercard Inks Bahrain Blockchain Partnership
Friday, 08 02 2019, Category: Technology, Country: Bahrain
Mastercard is collaborating with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) to develop a blockchain-powered B2B payments solution, according to a press release Tuesday (July 30).
Together, the firms are developing a platform to enable faster, more secure cross-border corporate payments that would allow companies to more seamlessly move funds to beneficiaries and banks to directly share payment data with each other without the need for intermediaries. Transactions would move on a blockchain network and connect financial institutions to data to analyze corporate customers’ payments behavior without compromising data security.
According to reports in TahawulTech, the initiative marks Mastercard’s first national-scale blockchain project in the Middle East.
“Blockchain has the potential to transform the way payments are made,” said Mastercard Division President, Middle East and North Africa, Khalid Elgibali in a statement. “As a technology company, Mastercard is proud to introduce the latest payment technologies to the region, which are helping to build the infrastructure for a smart economy.”