CoreChain partners with R3

CoreChain Pay delivers a suite of digital payment services that allow users to manage vendor payment processing using ACH, eChecks, and virtual payment cards, within their preferred accounting or ERP software. By merging CoreChain Pay with Corda’s features, the companies enable business banking customers to access digital B2B payment capabilities offered by their financial institutions. Customers can benefit from safer and more convenient payments to their suppliers while banks receive increased loyalty and deposit growth.

In addition to Corda’s features which allow regulated institutions to connect networks, automate complex processes, streamline workflows, and manage digital assets and currencies, R3’s platform also delivers a permissioned, smart contract-enabled ledger. According to CoreChain’s officials, their company’s technology built with Corda allows banking institutions to decrease the complexity of B2B payments while their customers receive security and efficiency. Until now, the two companies processed over USD 1.1 billion in B2B payments. 

As a digital B2B payments network built with enterprise blockchain, CoreChain aims to enable businesses to pay their partners securely and efficiently, while unlocking lending opportunities for suppliers to finance working capital caught in approved, but unpaid invoices. The company’s distributed ledger technology (DLT) automates the exchange of transaction data and funds within a secure network environment, allowing B2B marketplaces, software platforms, and banks to provide payments and financing services to their buyers and suppliers via a white-label platform.

At the beginning of April 2023, CoreChain announced the launch of its direct-to-customer embedded payments solution. CoreChain Pay was developed to allow business and company owners to increase their profits through payment automation, improved customer engagement, and enhanced security systems. With the solution, the company aimed to enable users to eliminate paper checks and simplify vendor payments and transactions, while reducing fraud or online threats risks. 

R3 enables the secure exchange of value in regulated industries, with the company’s Corda platform integrating DLT, open connected networks, and regulated markets expertise. Developed to facilitate an open, secure, and enduring digital economy, R3’s Corda allows regulated institutions to use direct digital collaboration to solve complex multi-party workflows. The company’s DLT ecosystem currently connects over 400 institutions, including global systems integrators, cloud providers, technology firms, software vendors, corporations, regulators, and financial services firms from the public and private sectors.

In April 2023, The Qatar Financial Centre Authority (QFCA) signed a Memorandum of Understanding with R3 to support the development of Qatar’s financial technologies. Through this accord, QFCA and R3 agreed to collaborate on creating a potential lab environment that can address the requirements of commercial banks and fintechs in the region.