Abstract: The invention relates to an oxidation and corrosion resistant braze alloy consisting of (wt.-%) 10-15% Cr, 4.5-6% Al, 0.17-0.3% Y, 8-12% Co, 0-4% W, 2.5-5% Ta, 2.0-3.5% B with Cr+Al>15%, Cr/Al?3 and Al+Ta>7.5%, remainder Nickel and unavoidable impurities and to the use of this alloy for brazing onto a Nickel based or a Cobalt based superalloy article. The braze alloy can either be used in pure form as a paste or a foil or as a blend in a blend braze paste, in a braze tape or in a pre-sintered braze sheet.