Credit union service organization CULedger has debuted its financial exchange for credit unions using R3’s Corda blockchain technology, the firms said in a press release Thursday (Dec. 5).
Dubbed CUPay, the one-to-one financial exchange enables electronic funds transfers via blockchain for near-instant payments, both domestic and international, between credit unions and their members. CUPay was first announced earlier this year in partnership with Luxoft. Now, the technology is ready with a visible proof-of-concept, reports said.
“Current payment methods, especially cross-border payments, rely on outdated, slow technology laden with risk,” said Julie Esser, CULedger chief experience officer. “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. This is the technology of the future, and we are ecstatic that credit unions will be among the first financial services organizations to provide this service.”