Download new Corda Payments technical preview

R3’s Technical Preview of Corda Payments has been launched. Sign up for your Corda Payments trial today on Customer Hub.

What is Corda Payments?

The new payment initiation and processing module for CorDapps enables developers to quickly connect to traditional off-ledger payment rails and payment service providers with minimal coding. Developers can initiate a payment instruction, check balances, review transaction history, and view the payment status.

The agent application then orchestrates the payment by taking the instructions from the payment flow and routing the transaction to Modulr, which is the banking service provider.

How does it work?

Corda Payments Technical Preview comprises two core components:

1) Agent CorDapp: a closed source JAR operated by a Business Network Operator. It can use an existing Corda network or establish a new permissioned Corda Payments Network. The operator needs to own a node and install the Corda Payments Agent CorDapp.

2) Corda Payments SDK: a library that integrates with the user’s CorDapp allowing the end-user to initiate a payment. You can use it to send payment instructions on the Corda Payments Network to the Agent.
Corda Payment workflow

Features

The main features of Corda Payments:

  • Client CorDapp : The end-user writes business logic and creates payment instructions.

  • Agent : The trusted party on the network, settles customer’s account and facilitates payments through to the integration with the PSP: Modulr.

  • PSP : An external payment service provider. The PSP workflow is as follows:

  1. An end-user initiates payment instructions to make a payment.

  2. The agent sends the payments to the PSP.

  3. The PSP responds to say that the payment has been successfully received and accepted.

  4. The PSP will then send a second payment status to confirm settlement success.

  5. The agent receives the payment status from the PSP and in turns updates the payment status through to the Cordapp for the end user visibility.

For more information, please visit this article post from the Developer Relations team. You will find an example of a payment execution from the user’s perspective, simplified to one line.

Don’t wait and sign up for your Corda Payments trial today on Customer Hub.

Visit your Developer platform, and if you have any questions or concerns, please reach us at: devrel@r3.com