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CULedger, a credit union service organization (CUSO) focused on distributed ledger technology (DLT), has announced that it is expanding its partnership with blockchain startup R3 to support blockchain-based domestic and cross-border payments for credit unions.
Earlier this year, CULedger successfully achieved its target of $10 million Series A funding. It joined R3-led blockchain consortium in December 2018 and is also a member of the Hyperledger blockchain project.
In its press release dated May 21, CULedger said that together with R3 it aims to help credit unions reduce risks associated with cybersecurity and fraud, streamline internal processes, reduce administrative and operational costs, and enhance the member experience.
Under the partnership, CULedger will use R3’s Corda to support domestic and cross-border transactions for credit unions, also known as financial cooperatives, around the globe. Corda will serve as the underlying basis for CU Pay, CULedger’s new electronic funds transfer (EFT) product.
Slated for release in early 2020, CU Pay aims to enable connectivity of multiple payment networks and does not intend to replace existing EFT networks. It will be made available to credit unions on CULedger's network.
CULedger will integrate CU Pay with Corda Settler, a CorDapp launched late last year which will allow settling Corda transactions with any of the world’s payment systems, both traditional and blockchain-based. With this integration, credit unions using CULedger’s network would be able to choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members’ needs.
“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,” said John Ainsworth, president and CEO of CULedger.
