Mastercard is launching its own blockchain network to enable partner banks and merchants to make cross-border payments faster and more securely.

The Mastercard blockchain service can be used to clear credit card transactions, eliminate administration tasks using smart contract rules and thus, speed transaction settlement.

“By combining Mastercard blockchain technology with our settlement network and associated network rules, we have created a solution that is safe, secure, auditable and easy to scale,” Ken Moore, executive vice president for Mastercard Labs said in a statement.

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