DENVER--(BUSINESS WIRE)--CULedger has expanded its partnership with enterprise software firm R3 to further support domestic and cross-border payments for credit unions, also known as financial cooperatives, worldwide, on the Corda blockchain platform. Corda will serve as the underlying basis for CULedger’s new electronic funds transfer (EFT) product, CU Pay.
CULedger is leveraging its relationship with R3 to help credit unions reduce risks associated with cybersecurity and fraud, improve the member experience, streamline internal processes and reduce administrative and operational costs. CU Pay is not intended to replace existing EFT networks, but enable connectivity of multiple payment networks.
As part of this partnership, CULedger will integrate CU Pay with Corda Settler, an open source CorDapp designed to settle Corda transactions with any of the world’s payment systems, both traditional and blockchain-based. This will allow credit unions using CULedger’s network to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.
“Blockchain is positioned to transform the financial services industry over the next few years, and CULedger is helping credit unions lead the way,” said John Ainsworth, president and CEO of CULedger. “By integrating R3’s 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.”
“Corda’s unique approach to privacy and security will support CULedger’s efforts to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection,” said David E. Rutter, CEO of R3. “We look forward to working with them to create significant efficiencies for credit unions and their members.”
CULedger initially joined R3’s global network in 2018. The network consists of more than 300 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda. CULedger has taken a mixed chain approach to the services it provides by partnering with established blockchain leaders in addition to R3, including IBM, Hedera and The Sovrin Network to allow interoperability and portability of transactions for credit unions and their members.
CU Pay is targeted for release in early 2020 and will be made available to credit unions on CULedger's network.
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. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign digital identity that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. To learn more about CULedger, visit www.culedger.com.
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.
R3’s global team of over 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.