CULedger, a group of credit unions working on distributed ledger technology, today launched a partnership with enterprise software firm R3 on a cross-border payments tool built on its Corda blockchain platform, called CUPay.
CUPay will be integrated with Corda Settler, an open source CorDapp designed to settle Corda transactions with any of the worlds payment systems, both traditional and blockchain-based. This will allow credit unions using CULedgers network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options. The launch is scheduled in the first quarter of 2020.
Denver-based CULedger is a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform. R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 participants across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
John Ainsworth, CEO, CULedger, says:
“Blockchain is positioned to transform the financial services industry over the next few years, and CULedger is helping credit unions lead the way. By integrating R3s Corda Settler, we are certain that our vision of financial cooperatives operating across a shared network will be realized, and that members will stand to benefit from the transparency, security, and efficiency it provides.”
CULedger initially joined R3’s global network in 2018. The company joined the R3’s global network that is more than 200 of the largest financial service firms around the globe, central bank, technology companies, and the trade associations that are working together on Corda. Corda has been designed as an enterprise-grade blockchain platform that has been able to remove the costly frictions that exist in business transactions; this is by enabling the institutions to transact directly by just using the smart contracts efficiently.
Back in January of 2019, Ripple launched their XRP token on the R3 Corda Network with well over 50 banks already signed up to use the platform for faster and cheaper cross-boarder payments. How will this bode for Ripple (XRP) adoption? Time will tell, but its a good sign that more banks are welcoming blockchain technology.