CULedger has showcased a proof-of-concept form of its electronic, cross-border funds transfer payment offering, CUPay, for credit unions, according to Electronic Payments International.
Based on R3’s Corda blockchain platform, the payment solution is being developed in alliance with Luxoft. The solution leverages CULedger’s decentralised identity technology.
CUPay will provide near-instant payment options for credit unions using CULedger’s network. It enables both domestic and international payments.
In addition, the offering aims to provide more funds transfer options in a transparent process.
R3’s Corda platform is for organisational identity on CUPay, while CULedger MyCUID technology is for personal identity. Corda allows CULedger to add future payment rails.
The new electronic funds transfer solution is designed to avoid manual entry of recipient details. It also comes with in-built compliance management.
The payment solution will launch next year on CULedger’s digital exchange network.
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