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R3 to propel blockchain-based cross border payments for CULedger

David Rutter, CEO, R3

Denver-based credit union CULedger has announced an expansion of its partnership with R3, an enterprise software firm in a bid to strengthen the support for cross border payments for credit unions on R3’s Corda blockchain platform.

The partnership will see Corda act as the base for CULedger’s new electronic funds transfer (EFT) product, CU Pay. According to the credit union, the collaboration is expected to assist the credit unions in reducing the risks associated with cybersecurity and fraud. It aims to reduce operational costs and streamline internal processes.

“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.”

CULedger will integrate its product CU Pay with Corda’s open source CorDapp called Corda Settler. Corda Settler is designed to settle Corda transactions with any of the world’s payment systems, thus allowing the credit union to select from a variety of secure and affordable cross border payment services.

“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 joined the R3 network in 2018. It has partnered with blockchain suppliers including R3, IBM, Hedera and The Sovrin Network to adopt a mixed chain approach of services.

Recently, R3 along with Wipro, has developed a blockchain-based solution prototype in order to enable currency for interbank settlements for a Thai consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.

Established in 2017, CULedger is a credit union-owned CUSO (credit union service organization) that focuses on delivering innovative applications on a global distributed ledger (DLT) or blockchain platform for credit unions.

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