Canada’s largest credit unions partner with R3

Canada’s Large Credit Union Coalition (LCUC) has partnered with US-based blockchain association R3 to explore and implement an open source distributed ledger platform known as Corda.

According to R3, Corda is designed to work in finance to operate complex transactions and restrict access to transaction data.

Servus Credit Union CIO Yves Auger says 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.”

LCUC’s goal is to develop fresh technologies aimed at making Canadian credit unions more competitive. To this aim, the coalition is also developing projects in the areas of artificial intelligence, cloud computing and the modernisation of payments.

“Canada is a hub for blockchain innovation and remains a key market for R3,” says R3 CEO David Rutter.

LCUC, a group of the chief information officers (CIOs) of the 16 largest credit unions in Canada, has corporate members from more than three million entities representing more than $125 billion in assets. R3 is a network of over 200 financial institutions, trade associations and FinTech firms.