R3 launches global payments on Corda
Written by Peter Walker
R3 has launched Corda Settler, an application 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.
XRP is the first cryptocurrency to be supported by the Settler, bringing the Corda and XRP ecosystems into closer alignment.
The Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies, and any traditional rail capable of providing cryptographic proof of settlement.
It 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, 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.