Payments giant Mastercard is to develop a blockchain-powered cross-border payments platform in partnership with enterprise-focused blockchain firm R3.

In an announcement on Wednesday, Mastercard said the two firms have inked a deal to "develop and pilot" the payments solution. It will initially be aimed at connecting faster payments schemes and banks backed by Mastercard's clearing and settlement network.

The platform will be built on Corda Enterprise, the commercial version of the platform, as opposed to the open-source Corda Network, R3 told CoinDesk.

The partnership is planned to merge R3’s expertise at developing blockchain solutions with Mastercard’s existing payment systems and network. Ultimately, the firms hope the new platform will help tackle industry issues such as costly payments processing, liquidity management and a paucity of standardization and connectivity between banks and domestic clearing systems.

R3 CEO David E. Rutter said:

Citing its July acquisition of international payments firm Transfast as a boost to its network, Mastercard said the deal to utilize Corda Enterprise will further expand its capabilities in the payments arena.

The news of the partnership also comes just days after Mastercard joined the Marco Polo trade finance blockchain network founded by R3 and TradeIX.

Peter Klein, executive vice president of new payment platforms at Mastercard, said in the announcement:

Mastercard image via Shutterstock