Distributed ledger consortium R3 and 22 of its member banks have announced a cross-border payments platform built on top of the company’s Corda technology.
Centered around the concept of creating digitized versions of fiat currencies that can be exchanged and transferred between different parties, the effort has seen involvement from banks including Barclays, BBVA, CIBC and Commerzbank.
The unveiling comes just a month after the startup announced version 1.0 of Corda, with a prototype version of the cross-border payments platform expected to be released by the end of this year.
R3 CEO David Rutter said of the project:
“This solution will be a game-changer for any bank or company whose business relies on making or receiving cross-order payments, and is a key part of R3’s wider strategy to leverage distributed ledger technology for faster and more efficient execution of all types of financial transaction.”
Also involved in the new platform are DNB, HSBC, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, U.S. Bank and Woori Bank, R3 said in a statement.
Other projects built around R3’s core tech offering have been unveiled in recent days, including a trade finance-focused partnership involving U.K.-based Bolero.
Antique map image via Shutterstock
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