CB of Singapore Hires Accenture for Blockchain Interbank Payments Prototype

CB of Singapore Hires Accenture for Blockchain Interbank Payments Prototype

Professional consultancy giant Accenture has been approved by Central Bank of Singapore to create a prototype for blockchain solution for interbank payments.

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Professional consultancy giant Accenture has been approved by Central Bank of Singapore to create a prototype for blockchain solution for interbank payments.

Formerly in this month, the (MAS) Monetary Authority of Singapore the state financial regulator and the central bank has created efficiently three blockchain models for regionalized inter-bank settlements and payment. The prototype was designed utilizing the three separate platforms; these are JP Morgan Chases Ethereum-based Quorum, open-source Hyperledger Fabric, and R3’s Corda. The creation marked the second stage of Project Ubin, an inventiveness of the central bank to deploy and produce a digital representation of dollar used in Singapore. As a consortium, this project contains the 5 technology companies and 11 financial institutions led by central bank of Singapore.

The key consequences of the consoltiums are the capability to do netting while protecting the revealed Sopnendu Mohanty, the privacy of transactions, MAS, and Chief FinTech Officer. This assists to open up the chance for more adoption of the DLT-based settlement systems.

Also, Accenture has revealed that it has been appointed by (ABS) Association of Banks in Singapore and MAS to develop and manage a prototype utilizing the 3 (DLT) distributed ledger innovations platforms for different banking solution.

David treat who is the managing director to Accenture’s global blockchain exercise added:

“Project Ubin is creating the best leap in verifying the potential and value of DLT systems and their capability to change and transform industries. The worth of technical advances coming out from the program is matched by the worth of the thinking about how the different bank’s payments ecosystems can build and transform new value.”

The MASS has additionally commissioned to create a technical report when they finish the project ubins phase 2 at around mid-November. Phase 1 of the project has now already seen the central bank of Singapore8 successfully issue a digitized token of Singaporean dollar using Ethereum-based blockchain.

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