R3, the distributed database technology company and leader of a consortium of more than 200 firms in research and development of distributed ledger usage in the financial system, has announced the addition of CULedger to the enterprise software firm.
The Denver-based credit union-owned CUSO focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform. CULedger, a consortium of credit union, provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs.
As it rolls out the pilot program of the first self-sovereign identification methods for credit union members, its flagship product MyCUID, CULedger may benefit from entering the R3’s global network of more than 200 financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda.
The enterprise-grade Blockchain platform which removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security, was recently launched in a commercial version
specifically optimised to meet the demands of complex institutions.
John Ainsworth, president and chief operating officer of CULedger, said: “We are very excited to work with R3 in some capacity. Being part of this vast ecosystem will play a part in our ability to develop additional use cases beyond digital identities for credit unions and their members. We are looking forward to continuing our relationship with R3
as CULedger moves out of the pilot stage.”
David E. Rutter, CEO of R3, added: “Corda’s unique approach to privacy and security will enable CULedger to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection. We look forward to working with them to create significant efficiencies for credit unions and their members.”
Some of the world leading banks which have entered the R3 consortium in the past include Natixis, BNP Paribas, Commerzbank, ING, Standard Chartered Bank, Bangkok Bank, SMBC, DNB, OP Financial Group, HSBC and ING Bank.