IBM has launched a blockchain-based payment system called Blockchain World Wire. According to IBM, the new payment network uses digital currency on Stellar's blockchain to "clear and settle cross-border payments" in near real time.
The Stellar network is a distributed, blockchain-based ledger that facilitates cross-asset transfers of value. Like Ripple, Stellar can handle exchanges between fiat-based currencies and digital assets. Using this protocol, IBM wants to make it possible for financial institutions to move money quickly and reliably, while cutting off intermediaries and complexities associated with traditional international payment systems.