R3, the world’s leading developer of enterprise blockchain solutions for business, has launched its new Corda Settler, an application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based.
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XRP is the first globally recognized cryptocurrency to be supported by the Settler, bringing the Corda and XRP ecosystems into closer alignment.
The Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.
Uniquely, the Corda Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger.
In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.
“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together,” said Richard Gendal Brown, Chief Technology Officer at R3.
“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”
When a payment obligation arises on Corda during the course of business, one party now has the option to request settlement using XRP.
The other party can be notified that settlement in XRP has been requested and that they must instruct a payment to the required address before the specified deadline.
Once an oracle service validates the payment has been made then both parties can treat the obligation as settled.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
R3 is backed by investment of over USD 120 million from more than 45 firms. The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more.
It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
Learn more about the Settler here.