CoreChain Technologies, the first embedded B2B payments network built with Distributed Ledger Technology (DLT), today announced a multi-year partnership with R3, a leading provider of enterprise technology and services in the digitization of financial services. CoreChain’s network will make modern B2B payment processing available to banking institutions and their service providers via Corda, R3’s distributed platform for decentralized applications.

R3 and CoreChain are partnering to offer banks a digital payments platform they can quickly deploy for their business banking customers. CoreChain Pay delivers a suite of easy to deploy digital payment services that reduce fraud, eliminate paper waste, increase efficiencies and savings. Customers can more readily manage vendor payments processing using a full range of payment options, from virtual payment cards to ACH as well as eChecks, and other digital methods, all from within their preferred accounting or ERP software. 

And as importantly, the R3-CoreChain partnership will enable business banking customers to access digital B2B Payments capabilities offered by their financial institution. The bank customers benefit from simpler, safer, and more convenient payments to their suppliers while banks benefit through the increased loyalty and deposit growth which result from offering innovative, value-added digital banking solutions.

“CoreChain’s capabilities bring much needed B2B payments innovation to banks and their providers in search of a modern, secure, embeddable payment solution which they can make available to their customers,” said Todd McDonald, Co-Founder and Chief Strategy Officer, R3. “It addresses the gap in core banking systems that were built on legacy technology stacks, leaving in particular banks with limited technical innovation or resources struggling to keep up with the rapid progress in digital banking services expected by their most valued business customers.”

Corda is the world’s leading distributed application platform trusted by regulated institutions to connect networks, automate complex business processes, streamline workflows, drive faster settlement, and manage digital assets and currencies. Battle-tested by regulated networks operating at scale, Corda delivers a permissioned, smart contract-enabled ledger.

R3 also has the deep financial services knowledge and public sector connections to de-risk innovation and help accelerate the development of distributed solutions that drive greater efficiencies, while reducing risks and costs.

“B2B transactions are evolving quickly, and while many large banking institutions are able to pivot quickly to augment their services with new payments capability, banks often face technical barriers that prevent them from modernizing their offerings,” said Chris Aguas, CoreChain co-founder and CEO. “CoreChain’s technology built with Corda puts modern B2B payments within reach for banking institutions looking to bring their business customers to the cutting-edge of security and efficiency and has enabled us to process over $1.1 billion in B2B payments to date.”