Copy link
Increase text size
Decrease text size
Link copied

CULedger to integrate R3’s Corda Settler for blockchain-based cross-border payments

Wed, 22 May 2019, 06:31 am UTC

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,219.11 (-0.58%)
  • Ethereum (ETH) $239.92 (-1.44%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $230.51 (-2.41%)
  • Bitcoin SV (BSV) $181.04 (-1.56%)
  • Bitcoin (BTC) $9,219.11 (-0.58%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft