Credit union consortium CULedger expanded its partnership with New York-based blockchain consortium R3 by integrating R3's Corda Settler to support blockchain-powered cross-border payments.
U.S.-based CULedger is a credit union-owned Credit Union Service Organization (CUSO) that focuses on providing blockchain-powered applications primarily to credit unions or members of credit unions through its cross-border global distributed ledger platform.
CULedger will use R3's Corda Enterprise platform to support domestic and cross-border transactions, reduce costs and improve overall processes for credit unions internationally.
It will integrate its upcoming electronic funds transfer (EFT) platform CU Pay with R3's Corda Settler, which is an open source CorDapp designed to settle Corda transactions with multiple global payment systems, both traditional and blockchain-based.
CU Pay is scheduled for release in early 2020 and will be made available to credit unions on CULedger's network. CU Pay will not replace existing EFT networks, but enable connectivity of multiple payment networks.
By integrating Corda Settler, credit unions using CULedger's network can choose from a variety of near-instant, secure and affordable domestic and cross-border payment options to meet theirs and their members' needs.
In mid-December last year, CULedger had joined R3's global blockchain ecosystem of more than 300 of the world's largest financial services firms, technology companies, central banks, regulators, and trade associations that are working together on R3's Corda enterprise-grade blockchain platform.
CULedger has partnership 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.
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