Canada’s Large Credit Union Coalition (LCUC) Is Now Part Of R3

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Canada’s Large Credit Union Coalition (LCUC) Is Now Part Of R3

The Large Credit Union Coalition (LCUC) announced that it has joined R3, a blockchain consortium based in New York. LCUC is composed of chief information officers (CIOs) drawn from the 16 biggest credit unions in Canada.

Working on integrating Corda

The LCUC has corporate members from over 3 million entities with an asset value of more than $125 billion. It now joins the R3 network, which is made up of more than 200 institutions drawn from the finance, trade and fintech industries. The LCUC will be seeking to explore and integrate Corda. Corda is an open-source and distributed ledger platform, which is used to complete complex transactions in finance. The platform also protects transactions by restricting access.

In a statement, Yves Auger, CIO at Servus Credit Union said that the LCUC is exploring the distributed ledger so as to have a firm hold on the new technology. He added that the group is leveraging the success of some of its members in the sector.

LCUC’s main agenda

The LCUC is currently investing in new technologies in a move it says is aimed at increasing competition among credit unions in the country. Previously, the group has worked on projects like mobile payments and remote check deposits. The LCUC has also announced that it is investing in cloud computing, artificial intelligence and automation of the payment system.

The announcement comes a few weeks after R3 released the Cord blockchain platform. The Corda platform has a “Blockchain Application Firewall” that connects participating data centers. Last month R3 announced that it processed 300 transactions from 39 financial partners. These transactions are done in R3’s know your customer (KYC) app. The transactions were conducted in eight timezones from 19 nations.

On his part, David E. Rutter, CEO of R3 said that Canada has a favorable environment for blockchain innovation. He added that Canada is one of the key markets that R3 is eying. Currently, Corda is the only blockchain platform that is designed going upward. It is meant for businesses that operate in complex and regulated markets.