Accenture, the professional services firm, has been appointed by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), in order to develop and manage distributed ledger prototype systems for processing interbank payments.
The Monetary Authority of Singapore unveiled three new payments prototypes that were developed using three DLT platforms: Quorum, R3 Corda and Hyperledger Fabric.
Chief FinTech Officer, Sopnendu Mohanty MAS explained “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. We look forward to working with other central banks on the use of DLT for cross-border applications.”
This work comes as the second phase of “Project Ubin”, a blockchain banking project which includes institutions such as Bank of America Merrill Lynch, J.P. Morgan, Standard Chartered and Citi, and others.
David Treat, managing director of Accenture’s global blockchain practice stated “Project Ubin is making a great leap forward in proving the value and potential of DLT systems and their ability to transform industries. The value of the technical innovations arising from the program is matched by the value of the strategic thinking going into how the interbank payments ecosystem will transform and build new value.”