Multinational tech mogul IBM is working with blockchain startup Stellar to establish a cross-border payment system, which will allow banks to use the technology. By using this technology, banks will be save both time as well as costs on the transfer process.

With its own cryptocurrency, called Lumen, Stellar uses blockchain technology to connect fiat currencies to enable an instant international transfer.

IBM will also be working with New Zealand payments company, KlickEx, on the project.

According to reports by CoinDesk, IBM is set to make its announcement at the SIBOS conference in Toronto today.

More of the exclusive details on this can be found at Bank Innovation. 

Read more at TechCrunch and CoinDesk.