Empowering Banks: Corechain & R3 Innovate B2b Payments

By Author: Ben Gross
Total Articles: 433
Comment this article

CoreChain Technologies, a pioneer in embedded B2B payments utilizing Distributed Ledger Technology (DLT), has established a multi-year partnership with R3, a prominent provider of enterprise technology for financial services digitization. CoreChain will leverage R3's Corda, a distributed platform for decentralized applications, to offer modern B2B payment processing services to banks and their service providers.

Through this collaboration, R3 and CoreChain aim to provide banks with a digital payments platform for swift deployment to their business banking customers. CoreChain Pay offers a suite of digital payment services that enhance efficiency, reduce fraud, and minimize paper usage. Users can manage vendor payment processing effortlessly, utilizing various payment methods, from virtual payment cards to ACH, eChecks, and digital alternatives, all from their preferred accounting or ERP software.

Furthermore, the partnership between R3 and CoreChain will grant business banking customers access to digital B2B payment capabilities provided by their financial institution. This not only simplifies and secures payments ...
... to suppliers but also benefits banks by fostering loyalty and deposit growth through innovative digital banking solutions.

R3's Corda is a trusted distributed application platform that connects networks, streamlines processes, automates business workflows, facilitates rapid settlement, and manages digital assets and currencies for regulated institutions. Corda is well-suited for smart contract-enabled ledgers and has been proven in regulated networks at scale.

CoreChain's collaboration with R3 signifies a major step forward in addressing the evolving landscape of B2B transactions. This partnership not only offers modern B2B payment solutions to banks but also addresses the technical challenges that banks face in enhancing their offerings. CoreChain's technology, built on Corda, empowers banks to provide cutting-edge security and efficiency, having already processed over $1.1 billion in B2B payments.

R3, a leader in enterprise distributed ledger technology, connects over 400 institutions and plays a crucial role in driving transformation within regulated industries. Their Corda platform enables direct digital collaboration to solve complex multi-party workflows, with a focus on open, trusted, and enduring digital economies.

CoreChain, established in 2020, is the first digital B2B payments network built on enterprise blockchain. Its technology automates transaction data and fund exchange within a secure network environment, facilitating B2B marketplaces, software platforms, and banks to offer white-label payment and financing services to their clients.

This partnership reflects the ongoing evolution of financial services towards digitization and blockchain technology, making B2B payments more efficient, secure, and accessible to a broader range of businesses and institutions.

More Information : https://www.techdogs.com/tech-news/business-wire/corechain-partners-with-r3-to-power-embedded-b2b-payments-for-banks-and-digital-banking-providers