Bahrain Electronic Network for Financial Transactions (BENEFIT) and Mastercard, launching the pilot of the blockchain program to bring banks faster, more secure and exclusive cross-border commercial payments.
The partnership is considered to be an important step for the banking sector, companies that make blockchain investments and a region that wants to secure its position as a business-friendly place. It will also ensure the implementation of blockchain banking at the national level in the Middle East.
The pilot program will enable banks to send and receive money over a secure, private and direct network using Mastercard's cross-border B2B service. The technology provides convenience to the parties by solving problems such as speed and transparency in today's B2B payments.
Businesses will enable banks to directly exchange the required payment information using a secure, private blockchain network without the need for intermediaries. In this way, they will be able to pay the rights holders faster due to the payment certainty. Banks will also gain access to B2B payment trends and gain insight into customers' buying behavior without compromising the privacy of their financial data.
Khalid Elgibali, President of Mastercad Middle East and North America, said:Blockchain has the potential to change the way payments are made. As a technology company, Mastercard is proud to introduce the newest payment technologies to the region that help build the infrastructure for a smart economy. Mastercard will continue to work with BENEFIT and other partners in the region to explore the use of blockchains that can help improve productivity, improve transparency and support the development of digital economies."
Source: Blockchain Turkiye
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