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.”
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.