NEW YORK and LOS ANGELES, May 1, 2018 /PRNewswire/ -- Crypto Invest Summit Booth #201 -- CULedger and Hedera today announced a partnership whereby CULedger will use Hedera's hashgraph platform and public ledger to build a system for cross-border payments. CULedger has already been using the private ledger version of hashgraph, offered by Swirlds, for general purpose, permissioned ledger use. The Hedera hashgraph platform will be used in conjunction with the MyCUID project, which is a new consumer-focused global digital identity solution, to build a comprehensive system for identity and global payments.
Cross-border payments for consumers include transactions such as e-commerce payments, cross-border tuition, real estate payments, and royalty payments to developers. The McKinsey Global Payments 2017 report found that "The average margin on a cross-border consumer-to-consumer transaction today is 635 basis points, compared to 6 domestically, due to the greater complexity, the additional foreign exchange revenues, and the premium positioning of the service." The new service from CULedger will help reduce the cost and complexity of making such payments.
"Currently, cross-border payments are painful for all parties involved," said Rick Cranston, COO of CULedger. "They take time, they're expensive, and there is limited visibility into the transaction. Hashgraph is fast and it provides visibility between the two parties at a significantly lower cost. It also eliminates concerns regarding fraud and default, since transactions are recorded immutably on the public ledger, and manual processes, since transactions are automated via smart contracts."
"Equally important for us was that any distributed ledger we build on must provide stability, so that we, our application developers, and our credit unions can feel confident in the long-term support and community of the distributed ledger we use," continued Cranston. "This made Hedera the only choice for us."
"CULedger continues to lead the financial services industry in innovative ways to apply distributed ledger technologies to the huge challenges that financial services firms and individuals face in making timely, secure, cost-efficient payments, be they across the country or around the world," said Mance Harmon, CEO of Hedera Hashgraph. "We are pleased they are choosing to expand their capabilities being built on top of hashgraph, and look forward to working with the team to enable more efficient global commerce, by reducing the costs and complexity associated with global payments."
CULedger is a credit union-owned CUSO that focuses on delivering innovative applications on a global distributed ledger platform for credit unions. In working through a national consortium of thirteen credit unions and trusted industry investors, CULedger is developing a global self-sovereign digital identity that will be market leading and further enhance the trust credit unions have with their members. CULedger will benefit credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience and cutting costs. For more information, visit culedger.com
The Hedera hashgraph platform will offer a public, distributed ledger that enables anyone to easily develop globally distributed applications. Developers can build secure, fair, lightning fast distributed applications on top of the Hedera hashgraph platform. For more information, visit https://hederahashgraph.com, or follow us on Twitter at @hashgraph, Telegram at t.me/hashgraph, or Discord at https://hashgraph.com/discord.