Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

MAS-backed consortium develops blockchain prototypes for inter-bank payments

A consortium led by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) has developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms.

The project marks the Phase 2 of Project Ubin, a collaborative initiative to explore the use of distributed ledger technology (DLT) for clearing and settlement of payments and securities. It has been conducted in collaboration with 11 financial institutions, including Bank of America Merrill Lynch, Citi, Credit Suisse, DBS Bank Ltd, HSBC Limited, J.P. Morgan, Mitsubishi UFJ Financial Group, OCBC Bank, Singapore Exchange, Standard Chartered Bank, and United Overseas Bank.

Five technology companies also contributed to the project. Accenture managed and developed the prototypes; R3, IBM, and ConsenSys were engaged to provide support on the respective DLT platforms of Corda, Hyperledger Fabric, and Quorum; while Microsoft supported the deployment of the prototypes on Azure Blockchain.

Existing netting programmes rely on a single payment queue visible to the operator to find offsetting payments. Decentralising the queue has the potential to expose payment details to an unauthorised party. The software models developed in Project Ubin achieve a superior combination of decentralisation and privacy. They are amongst the first in the world to implement decentralised netting of payments in a way that preserves transactional privacy.

“A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions. This helps to open up opportunity for a wider adoption of DLT-based settlement systems,” Sopnendu Mohanty, Chief FinTech Officer, MAS, said.

Accenture will publish a report on the project findings and details of the prototypes developed during the Singapore FinTech Festival, to be held from 13 to 17 November. The report will aid central banks and financial institutions in understanding the platform characteristics and design considerations of commonly used DLT platforms.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

November 16 16:00 UTC Released

USKC Fed Manufacturing

Actual

24 Mln

Forecast

Previous

5 Mln

November 16 16:00 UTC Released

USKC Fed Composite Index

Actual

15 Bln USD

Forecast

Previous

8 Bln USD

January 31 00:00 UTC 417270417270m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 417270417270m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 429090429090m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 417270417270m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 429090429090m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 417270417270m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 417270417270m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 417270417270m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.