R3 and banks partner to develop cross-border payments platform
Enterprise software firm R3 and 22 of its member banks have developed a solution that leverages distributed ledger technology (DLT) to enable “fast, efficient and cost-effective” cross-border payments.
Built on R3’s Corda platform, it’s designed to create a representation of fiat currencies on a ledger, and is programmed to enable interaction with central bank digital currencies as they are rolled out.
David E. Rutter, CEO of R3, says: “This solution will be a game-changer 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.”
Alongside R3, some of the banks in the initiative include Barclays, BBVA, CIBC, Commerzbank, DNB, HSBC, and Intesa.
R3’s platform Corda is blockchain-inspired and according to R3, it will be releasing a prototype version of the cross-border payments platform later this year.
