CULedger showcases successful cross-border payment solution, supported by partners R3 and Luxoft, a DXC Technology Company

DENVER, CO (December 4, 2019)CULedger, a credit union service organization (CUSO) that focuses on delivering the world’s premier network of one-to-one financial exchange for credit unions, unveiled a viable proof-of-concept version of CUPay, a highly secure electronic funds transfer (EFT) payment solution that is built on R3’s Corda blockchain platform.

CUPay, announced earlier this year in partnership with Luxoft, a DXC Technology Company, and using R3’s Corda Platform, was formally unveiled at CordaCon 2019, R3’s annual flagship conference covering the latest developments on Corda and the growing network of providers. The CUPay project explored CULedger’s decentralized identity technology and how it can enable a rail-agnostic solution.

With the successful completion of the CUPay project, credit unions leveraging CULedger’s network will be able to choose from a variety of near-instant, affordable and secure payment options, both domestically and internationally, to better meet the needs of their members conducting transactions. CULedger’s EFT solution gives members, credit unions and other stakeholders access to additional modes of transferring funds while allowing for a more transparent process from beginning to end.

“Current payment methods, especially cross-border payments, rely on outdated, slow technology laden with risk,” said Julie Esser, chief experience officer of CULedger. “CUPay gives credit unions and their members an alternative option – one that is more secure, protecting both members and the organization, and more efficient, in terms of speed, cost and transparency. This is the technology of the future, and we are ecstatic that credit unions will be among the first financial services organizations to provide this service.”

CUPay utilizes R3’s Corda for organizational identity and CULedger’s MyCUID, which is anchored to Sovrin, for personal identity. The solution provides integrated KYC and AML services and can be integrated into multiple networks, eliminating the need for manual entry of recipient details and providing built-in compliance management for credit unions.

By leveraging Corda Settler, an application which allows payment obligations raised on the Corda to be made through any of the world’s payment systems, CULedger can integrate additional payment rails as they become available. Further, CUPay provides members with a deeper sense of visibility than traditional methods and will be continuously updated to reflect new advancements.

“We have partnered with CULedger, using R3’s Corda platform, to expand our expertise in SSI (self-sovereig identity) technology, helping ensure that the peer-to-peer transactions are secure, validated and auditable,” said Antony Welfare, managing director, Blockchain Practice at Luxoft. “The solution we built for CULedger ensures the member’s identity is kept secure, while all information required for KYC, AML and regulators remains accessible for audits. We are excited to continue our work with CULedger and Corda as we build out more solutions for credit unions.”

“CUPay will enable credit unions to move even-closer towards cross-border payments that are executed seamlessly and successfully,” said Cathy Minter, Chief Revenue Officer at R3. “That is why R3 is proud to be the partner to support CULedger’s initiative, which will allow its members to transact more efficiently. We look forward to seeing CULedger continue to achieve success and transform the way that payments are executed.”

To support quick adoption amongst credit unions, CULedger is leveraging the digital strategy, consulting and engineering services of Luxoft. CUPay is slated for release in 2020 and will be made available to credit unions on CULedger’s network of digital exchange.

For more information on how to get involved in the company’s pilots or to see a demo of this and other user cases, visit

About CULedger 

Denver-based CULedger is a credit union-owned CUSO that is creating the premier platform of digital exchange for financial cooperatives globally. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign digital identity that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. To learn more about CULedger, visit or follow the company on the CULedger blogLinkedIn or Twitter.

About R3

R3 is an enterprise blockchain software firm working with a global ecosystem of more than 300 participants 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 200 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its vibrant ecosystem. 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 at and

About Luxoft

Luxoft, a DXC Technology Company (NYSE: DXC), is a digital strategy and software engineering firm providing bespoke technology solutions that drive business change for customers the world over. Luxoft uses technology to enable business transformation, enhance customer experiences, and boost operational efficiency through its strategy, consulting, and engineering services. Luxoft combines a unique blend of engineering excellence and deep industry expertise, specializing in automotive, financial services, travel and hospitality, healthcare, life sciences, media and telecommunications. For more information, please visit


John Ainsworth

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