R3 Unveils Cross-Border Payments Platform Built on Corda DLT Tech

R3 Unveils Cross-Border Payments Platform Built on Corda DLT Tech

Distributed ledger consortium R3 and 22 of its member banks have announced a cross-border payments platform built on top of the company’s Corda technology.

Centered around the concept of creating digitized versions of fiat currencies that can be exchanged and transferred between different parties, the effort has seen involvement from banks including Barclays, BBVA, CIBC and Commerzbank.

The unveiling comes just a month after the startup announced version 1.0 of Corda, with a prototype version of the cross-border payments platform expected to be released by the end of this year.

R3 CEO David Rutter said of the project:

"This solution will be a game-changer for any bank or company whose business relies on making or receiving cross-order payments, and is a key part of R3’s wider strategy to leverage distributed ledger technology for faster and more efficient execution of all types of financial transaction."

Also involved in the new platform are DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, U.S. Bank and Woori Bank, R3 said in a statement.

Other projects built around R3’s core tech offering have been unveiled in recent days, including a trade finance-focused partnership involving U.K.-based Bolero.

Antique map image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

#awvi,#blockchain

Blockchain

via CoinDesk http://bit.ly/2vBlS9W

October 31, 2017 at 07:14AM

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s