Distributed ledger technology outfit R3 has launched a universal settler application to facilitate payments on its Corda platform, with rival Ripple's XRP the first cryptocurrency to be supported.
Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.
The app will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.
The fact that XRP is the first supported cryptocurrency marks a rapprochement between R3 and Ripple, coming a couple of months after the pair settled a legal dispute over technology contracts and joint venture agreements.
Richard Gendal Brown, CTO, R3, says: "The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.
"While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved."