Credit union technology group CULedger has partnered with techcompany Swirlds on a new system for cross-border payments,according to an announcement from the two organizations.

CULedger said it will use the company's Hedera hashgraph platform and public ledger as part of theMyCUID global identity project to build a comprehensive system foridentity and global payments. The idea is to help reduce the costand complexity of making cross-border payments, it noted.

“Currently, cross-border payments are painful for all partiesinvolved,” CULedger COO Rick Cranston said. “They take time,they're expensive and there is limited visibility into thetransaction. Hashgraph is fast and it provides visibility betweenthe two parties at a significantly lower cost. It also eliminatesconcerns regarding fraud and default, since transactions arerecorded immutably on the public ledger, and manual processes,since transactions are automated via smart contracts.”