The R3 blockchain consortium, along with 22 of the top banks worldwide, has created a new international payments system for banking.

The system, which utilizes blockchain technology, enables banks to transact “all existing central bank currencies,” according to a report by Reuters.

The system was built with R3’s distributed ledger technology platform, Corda, and could also be used by banks to send digital currencies, including bank-issued digital currencies, as opposed to decentralized alternatives like bitcoin and ether.

Banks that are participating in the development project include Barclays, French corporate bank Natixis, and the German Commerzbank.

Read more at Reuters and the NYTimes.