IBM has developed a blockchain platform that allows banks to rapidly clear and settle payment transactions around the world.
Blockchains are groupings of data maintained by a disperse network of computers rather than a centralized mainframe. Data is secured through encrypted 'blocks' and accessed via a peer-to-peer network.
"With the guidance of some of the world's leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world," Bridget van Kralingen, senior vice president of IBM Industry Platforms, said in the announcement Monday.
"Making distributed ledger technologies more interoperable is the latest example of IBM's leadership driving the rapid advancement of blockchain."
IBM's blockchain will allow all "appropriate" parties access to clearing and settlement data on financial transactions. It is currently live in 12 "currency corridors" across the Pacific Islands and Australia, New Zealand and the U.K.