R3 and 22 banks have collaborated to develop an international blockchain payment system

By Jonathan Dyble
Fintech firm R3 has announced that it has developed a new international payment system, in collaboration with 22 leading global banks, using blockchain...

Fintech firm R3 has announced that it has developed a new international payment system, in collaboration with 22 leading global banks, using blockchain technology.

The payment system that was built on R3’s Corda platform aims to enable fast, efficient and cost-effective cross-border payments, using a multitude of both existing currencies issued by central banks and new and emerging digital currencies.

See also:

Once up and running, the new alternative payment system will save businesses millions of dollars with transactions taking just minutes.

“This solution will be a game-changer for any bank or company whose business relies on making or receiving cross-order payments, and is a key part of R3’s wider strategy to leverage distributed ledger technology (DLT) for faster and more efficient execution of all types of financial transaction,” said David Rutter, CEO of R3.

A number of leading names were amongst the 22 banks that worked with R3 to develop the system, including Barclays, BBVA and HSBC.

Corda will showcase the first shared infrastructure that will facilitate the full payments workflow, with others having only used DLT for international payments in specific cases.

“International payments systems have struggled to keep pace with the explosion of global trade and the globalisation of the world’s markets,” Rutter continued. “This marks a significant milestone for distributed ledger technology as we work alongside our bank members to harness its unique attributes to build the world’s first true international payments system.”

Having been under construction for over two years, the next milestone for R3 will be the release of the prototype, something that is expected before the year’s end.


Featured Articles

Accelerate outcomes and cut waste with IT Asset Management

Having a comprehensive IT Asset Management strategy is essential for organisations to keep track of their IT assets and CIOs have a key part to play

Tech leaders already looking to build back from recession

A new survey shows tech leaders are optimistic despite a looming recession, with some stakeholders expecting economic pressures to be a business benefit

Robot dining staff on call to help care in the community

Robots are ready to serve seniors as retirement communities struggle with staff shortages, and a new report says pensioners appreciate a metal maître d

BlackBerry drives its QNX technology to the cloud with AWS

Cloud & Cybersecurity

6G: Predictions for the network of the future

Cloud & Cybersecurity

Blockchain in space could take tokens and NFTs into orbit

Digital Transformation