Blockchain Firm R3 Introduces Universal Settler App To Facilitate Global Payments On Corda
Enterprise blockchain software firm R3 has introduced a universal settler app for payments on the Corda blockchain platform.
Called Corda Settler, the app allows Corda users to settle using any payment method. It provides a bridge to any payment rail that can return a cryptographic proof of settlement. This includes any ‘traditional’ domestic and cross border payment systems able to return such a proof, as well as blockchain and cryptocurrency-based rails. The CorDapp will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the future the app will support domestic deferred net settlement and real-time gross settlement payments.
“We built Corda Settler as a CorDapp that can be easily integrated into the workflow of any other Corda application, so that users and business networks can couple asset transactions with cryptographically confirmed digital payments in an extremely straightforward way,” said Todd McDonald, Co-founder at R3. “And most importantly, they can do it today, using existing technology and established payment rails.”
Ripple’s XRP will be the first recognized cryptocurrency to be supported by the app, but R3 said that it plans to add more in the coming months.
“When a payment obligation arises on Corda during the course of business, one party now has the option to request settlement using XRP,” R3 said. “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.”
Richard Gendal Brown, CTO of R3, said that 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.
“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,” Brown said.