Yesterday CULedger announced plans to base its new CU Pay solution for electronic funds transfer on R3’s Corda blockchain technology.
CULedger originally started as a blockchain consortium of U.S. credit unions. It morphed into a credit union service organization (CUSO) which raised $10 million in
Series A funding earlier this year.
CU Pay doesn’t aim to replace existing EFT payment networks but instead expand the options. Corda’s Settler can be used for both domestic and cross border payments. It’s integrated with conventional payment rails such as SWIFT as well as Ripple’s XRP and potentially future bank coins such as JPM Coin or others.
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