Credit union-owned blockchain outfit CULedger is ready to launch its cross-border payments product, CUPay, next year.
The firm has unveiled a viable proof-of-concept version of CUPay, which is built on R3's Corda platform, and is designed to facilitate connectivity between multiple payment networks. The system is integrated with Corda Settler, an open source CorDapp designed to settle Corda transactions with any of the worlds payment systems, both traditional and blockchain-based.
CUPay also utilises Corda for organisational identity and CULedger’s MyCUID, which is anchored to Sovrin, for personal identity. The tech provides integrated KYC and AML services and can be integrated into multiple networks, eliminating the need for manual entry of recipient details and providing built-in compliance management.
“Current payment methods, especially cross-border payments, rely on outdated, slow technology laden with risk,” says Julie Esser, chief experience officer, CULedger. “CUPay gives credit unions and their members an alternative option - one that is more secure, protecting both members and the organization, and more efficient, in terms of speed, cost and transparency."