Denver-based credit union service organization (CUSO) CULedger has recently expanded its business with blockchain software provider R3 to improve domestic and international transactions.
According to a press release, CULedger’s new electronic funds transfer (EFT) product, titled CU Pay will use R3’s Corda open-source blockchain technology. CU Play is expected to be launched in early 2020 and available to credit unions on CULedger’s network. Credit unions using the CULedger network will be able to choose from a wide range of affordable, time-efficiency and secure payment services.
As part of the partnership, CULedger will integrate CU Pay with Corda Settler, an open source CorDapp designed to settle Corda transactions with both traditional and blockchain-based payment systems. The implementation of this partnership will reportedly help credit unions reduce cybersecurity risks and fraud. It also aims at reducing administrative and operational costs.
“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 joined the R3 global blockchain network in December 2018. More than 300 partners from financial institutions, technology firms, regulators agency, and trade associations are linked together in R3’s network, the report said.
Earlier in Mar, CULedger joined forced with tech giant IBM to work on blockchain solutions for the credit union services industry to enhance its speed and efficiency in service delivery, reported by The Crypto Sight on Mar 14.