| Real-time settlement with various types of digital assets
Busan Bank Becomes First in Korea to Join World Wire
| Add South Korean Won to Network

On the 19th, IBM announced the expansion of 'IBM Blockchain World Wire,' a real-time global financial payment network for financial institutions.
World Wire was developed to accelerate and optimize foreign exchange trading, as well as cross-border payments and remittances. Additionally, it integrates payment message sending, clearing, and settlement procedures into a single network, while enabling network participants to select various types of digital assets for settlement.

Starting on the 19th, IBM Blockchain World Wire is expanding its payment coverage to 72 countries, including 47 currencies and 44 financial endpoints worldwide. Local regulations in each country will continue to apply during the network activation process, and IBM is actively expanding the network by adding participating financial institutions around the world.

World Wire provides a more efficient cross-border payment model by using the Stellar protocol, which enables direct transfers to the recipient bank without going through intermediary banks such as existing complex correspondent banking. This reduces intermediate steps and shortens user settlement times to seconds by transferring monetary value in the form of digital assets, commonly known as cryptocurrencies or 'stablecoins'. This simplified approach can lower overall transaction costs for financial institutions by increasing operational efficiency, improving liquidity management, and streamlining payment settlements.

The World Wire network already supports settlements using Stellar Lumen and US Dollar stablecoins, based on IBM's previously announced collaboration with Stronghold. In addition, six international banks, including Busan Bank (the first Korean bank to join the World Wire network), Banco Bradesco, and Rizal Commercial Bank (RCBC), have signed letters of intent to issue their respective stablecoins on World Wire, and are currently awaiting approval and review by regulatory authorities. As a result, stablecoins for the Korean Won, Euro, Indonesian Rupiah, Philippine Peso, and Brazilian Real have been added to the network. IBM plans to continue expanding the ecosystem of settleable assets in response to customer requests.

“IBM aims to help the movement of funds in countries that need it most by building a financial payment network that accelerates remittance processes and innovates cross-border payment methods,” said Marie Wieck, General Manager of IBM Blockchain. “We look forward to financial institutions fostering innovation and increasing global financial inclusion by building a network that supports multiple digital assets.”

World Wire is currently in the implementation phase in some countries and is expected to be used in more countries in the future.