The appeal of blockchain technology in the financial industry should never be underestimated. CULedger is one of the many blockchain outfits trying to disrupt this industry in any way possible.
It is believed that CULedger may be close to launching its commercial cross-border payment solution as early as 2020.
CULedger Presents CUPay
Known as CUPay, it will utilize blockchain technology to facilitate cross-border payments.
For the time being, CUPay only exists in a usable proof-of-concept solution. It highlights the potential of what this technology may be capable of in the years to come.
This new cross-border payment solutions is built on R3’s Corda platform, and aims to facilitate the connectivity between different payment networks around the globe.
Furthermore, CUPay also makes use of Corda Settler. That open-sourced distributed application is created to allow Corda transactions to be settled with any global payment system.
What makes this integration crucial is how it is compatible with both blockchain-based and legacy payment systems utilized today.
CULedger Chief Experience Officer Julie Esser adds:
“Current payment methods, especially cross-border payments, rely on outdated, slow technology laden with risk. CUPay gives credit unions and their members an alternative option – one that is more secure, protecting both members and the organization, and more efficient, in terms of speed, cost and transparency.”
A system like this will require some form of utility to verify customer identities. CULedger taps MyCUID to perform integrated KYC and AML verification.
This tool can, similar to virtually everything else associated with CUPay, be integrated into multiple networks. As a result, there is no need for manual data entry, allowing for faster and cheaper transactions.