R3 said XRP is the first globally recognized cryptocurrency to be supported by Settler, while the Corda app 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. The app is meant to check that the beneficiary’s account was credited with the expected payment, and to automatically update the Corda ledger. The Settler is planned to support domestic deferred net settlement and real-time gross settlement payments.
Moreover, R3 confirmed that when a payment obligation arises on Corda during the course of business, one party currently has the option to request settlement using XRP, while the other party can be notified that settlement in XRP has been requested, and that they must instruct a payment to the required address before the specified deadline. After the oracle service validates the payment, both parties can treat the obligation as settled.
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