Friday, 10 July 2020

R3 and Ripple settle down for universal payments app

R3 and Ripple are powering on with their fintech ambitions with the launch of a universal settler app for payments on the Corda blockchain platform.

Called Corda Settler (it sounds like a breed of dog), R3’s app is “purpose-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”.

Ripple’s slavish XRP crowd will be ecstatic on Twitter as it is the first globally recognised cryptocurrency to be supported by the Settler.

“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,” says Richard Gendal Brown, CTO at R3.

He makes a good point because R3 and Ripple are often grabbing the headlines in the blockchain and crypto sectors.

The Settler is an open source CorDapp that allows obligations to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement.

R3 explains that Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger.

In the next phase of development (whenever that may be), the Settler will support domestic deferred net settlement and real-time gross settlement payments.

According to R3, when a payment obligation arises on Corda during the course of business, 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.

In other recent news, as reported on 3 December, R3 revealed that 14 French corporates completed a trial of the CordaKYC application built on Corda and hosted on Microsoft Azure.

In addition, as reported today (5 December), Ripple was one of four blockchain companies that created an association of European blockchain organisations, Blockchain for Europe.

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