The XRP community has added yet another accolade to its growing repertoire, with the inclusion of CULedger on R3’s Corda network. This partnership is a bid to expand the credit-union centric firm’s cross-border payment options.
A press release published on May 21 stated that the R3 Corda platform will greatly improve the payments realm for credit unions and financial cooperatives. The press release added that Corda will act as a foundation for CU Pay, the firm’s electronic funds transfer [EFT] product.
CULedger aims to leverage this partnership with R3 to help its credit unions better deal with the risks pertaining to cybersecurity, fraud, and malfeasance. In addition to this safeguarding, the association will boost “member experience, streamline internal processes and reduce administrative and operational costs.”
In lieu of this partnership, Corda Settler, the open-source Cor-DApp centered around the settlement of Corda transactions, will be integrated with CULedger and CU Pay. The press release adds,“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.”
CULedger and R3’s relationship began in 2018 and now, the firm aims to further the same with the objective of CU Pay, which is pegged to launch in early 2020 and will be available for credit unions on their network.
David E. Rutter, CEO of R3 stated,“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. We look forward to working with them to create significant efficiencies for credit unions and their members.”
Adoption is reigning high for Corda, with several partnerships making the news. As per their official website, Corda has now partnered with almost 250+ organizations worldwide, and some of these partnerships include companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.