So this story dates back to December when CULedger first partnered with R3. At first, we didn’t know what the deal entitled or what would come from it. You can read the full article here:
CULedger Joins R3’s Global Blockchain Ecosystem
All we knew was that R3 and CULedger joined together. This didn’t tell us much as R3 is a massive company and they do so many different things. When it comes to R3, XRP fans only care about 1 thing and 1 thing only that’s Corda Settler. We all know R3 Corda Settler can only settle with 1 digital asset and that’s XRP.
R3 is pleased to announce @CULedger has joined as our newest member! We are excited to work alongside their team to drive significant efficiencies to the vast credit union landscape that they serve using #Corda. Read more here – https://t.co/DeBuMbCKPk pic.twitter.com/lmffgYqbyD
— R3 (@inside_r3) December 13, 2018
As we fast forward 5 months almost 6, we get more news on the CULedger/R3 partnership and we learn that Corda Settler will be integrated to support blockchain based cross-border payments. CULedger is leveraging its relationship with R3 to help credit unions reduce risks associated with cybersecurity and fraud, improve the member experience, streamline internal processes and reduce administrative and operational costs. CU Pay is not intended to replace existing EFT networks, but enable connectivity of multiple payment networks.
John Ainsworth, president, and CEO of CULedger stated that:
Blockchain is positioned to transform the financial services industry over the next few years, and CULedger is helping credit unions lead the way,”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”
— XRP Researcher | XRP Investor (@XRPNews_) May 21, 2019
CU Pay is targeted for release in early 2020 and will be made available to credit unions on CULedger’s network.