The Large Credit Union Coalition (LCUC), a group comprising the CIOs of the 16 largest credit unions in Canada, announced on Tuesday it has joined enterprise software firm R3’s global blockchain ecosystem. The LCUC reported that it will join R3’s network of more than 200 financial institutions, regulators, trade associations, professional services firms and technology companies to develop on Corda, R3’s blockchain platform designed specifically for businesses.
Speaking about the LCUC joining the ecosystem, David E. Rutter, CEO of R3, stated:
“Canada is a hub for blockchain innovation and remains a key market for R3. We are pleased to welcome LCUC on board and look forward to working with its group of CIOs to enrich the services offered to their members with Corda’s unique enterprise-focused blockchain technology.”
Yves Auger, CIO at Servus Credit Union, also commented:
“The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology. The wealth of knowledge and possible use cases we can dive into in short order were among some of the key reasons we felt partnering with R3 was the right choice for us.”
LCUC added that in the past it has developed and implemented multiple projects like remote cheque deposits, mobile payments, etc. Currently, the coalition is focused on the areas of artificial intelligence, cloud computing, payments modernization and other technology and innovation related areas.