Global enterprise consortium R3 and 22 member banks have reportedly crafted a cross-border payments platform based on Corda.
Global enterprise consortium R3 and 22 member banks have reportedly crafted a cross-border payments platform based on Corda, or the consortium`s distributed ledger technology (DLT) software.
The service`s goal is to sustain digitized versions of fiat currencies on a decentralized leger. According to R3, the solution will work with central bank-developed digital currencies in the future. They market the offering as a “direct alternative to current systems that can take days to complete an international payment“.
As R3 CEO David Rutter commented for the online media, international payments systems have found it challenging to keep pace with global trade and the globalization of the world`s markets. He added:
“This solution is a game-changer for any bank or company whose business relies on making or receiving cross-border payments.”
The collaborative effort involves 22 banks like ICBC, Commerzbank, DNB, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, U.S. Bank, Woori Bank and others.
Corda, a project overseen by 70 of the world`s biggest banks participating in the R3 consortium, went open source via the Hyperledger Project that is led by the Linux Foundation.
“We want other banks and other parties to innovate with products that sit on top of the platform, but we don’t want everyone to create their own platform.”, as James Carlyle, chief engineer at R3, reportedly said at the time as quoted by cryptocoinnews.com.
R3 is also involved in Project Ubin, the Singapore central bank`s effort to develop and issue a digital currency that should be equivalent to the Singaporean dollar. A report published by The Monetary Authority of Singapore (MAS) revealed that the project places a tokenized form of the Singapore Dollar (SGD) on a DLT.
The new service is expected to support and interact with central banks` digital currencies. The prototype will be released before the end of 2017.