CoreChain DLT Built with Corda to Fill the Digital Payment Gap in Core Banking Systems
NEW HAVEN, Conn.--(BUSINESS WIRE)--CoreChain Technologies, the first embedded B2B payments network built with Distributed Ledger Technology (DLT), today announced a multi-year partnership with R3, a leading provider of enterprise technology and services in the digitization of financial services. CoreChain’s network will make modern B2B payment processing available to banking institutions and their service providers via Corda, R3’s distributed platform for decentralized applications.
R3 and CoreChain are partnering to offer banks a digital payments platform they can quickly deploy for their business banking customers. CoreChain Pay delivers a suite of easy to deploy digital payment services that reduce fraud, eliminate paper waste, increase efficiencies and savings. Customers can more readily manage vendor payments processing using a full range of payment options, from virtual payment cards to ACH as well as eChecks, and other digital methods, all from within their preferred accounting or ERP software.
And as importantly, the R3-CoreChain partnership will enable business banking customers to access digital B2B Payments capabilities offered by their financial institution. The bank customers benefit from simpler, safer, and more convenient payments to their suppliers while banks benefit through the increased loyalty and deposit growth which result from offering innovative, value-added digital banking solutions.
“CoreChain’s capabilities bring much needed B2B payments innovation to banks and their providers in search of a modern, secure, embeddable payment solution which they can make available to their customers,” said Todd McDonald, Co-Founder and Chief Strategy Officer, R3. “It addresses the gap in core banking systems that were built on legacy technology stacks, leaving in particular banks with limited technical innovation or resources struggling to keep up with the rapid progress in digital banking services expected by their most valued business customers.”
Corda is the world’s leading distributed application platform trusted by regulated institutions to connect networks, automate complex business processes, streamline workflows, drive faster settlement, and manage digital assets and currencies. Battle-tested by regulated networks operating at scale, Corda delivers a permissioned, smart contract-enabled ledger.
R3 also has the deep financial services knowledge and public sector connections to de-risk innovation and help accelerate the development of distributed solutions that drive greater efficiencies, while reducing risks and costs.
“B2B transactions are evolving quickly, and while many large banking institutions are able to pivot quickly to augment their services with new payments capability, banks often face technical barriers that prevent them from modernizing their offerings,” said Chris Aguas, CoreChain co-founder and CEO. “CoreChain’s technology built with Corda puts modern B2B payments within reach for banking institutions looking to bring their business customers to the cutting-edge of security and efficiency and has enabled us to process over $1.1 billion in B2B payments to date.”
R3 is a leading provider of enterprise distributed ledger technology (DLT) and services that enable the secure exchange of value in regulated industries where trust is critical. Distributed solutions developed on our platform Corda harness the "Power of 3"—R3’s distributed ledger technology, open connected networks and regulated markets expertise—to drive transformation in digital finance.
Built to facilitate an open, trusted, and enduring digital economy, R3’s Corda empowers regulated institutions to realize the full potential of direct digital collaboration to solve complex multi-party workflows. R3 maintains one of the largest global DLT ecosystems connecting over 400 institutions, including global systems integrators, cloud providers, technology firms, software vendors, corporations, regulators, and financial services firms from the public and private sectors - specifically financial market infrastructures (FMIs), exchanges, central banks and commercial banks.
Launched in September 2020 and led by proven FinTech entrepreneurs, CoreChain is the first digital B2B payments network built with enterprise blockchain, and is building a network of networks, which enables businesses to pay other businesses securely, quickly, and efficiently compared to legacy methods, while unlocking lending opportunities for suppliers to finance working capital tied up in approved, but unpaid invoices.
CoreChain’s award-winning distributed ledger technology (DLT) automates the exchange of transaction data and funds within a secure and trusted network environment, empowering B2B marketplaces, B2B software platforms and banks to offer payments and financing services to their buyers and suppliers via our white-label platform.
For more information, visit: CoreChain.tech
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