JPMorgan And MAS (Monetary Authority of Singapore) had a breakthrough in research for multi-currency payments and produced blockchain-based prototype together with Temasek as we are reading further in the blockchain news today.
The cost-efficiency for companies and many other aspects of sending payments could be significantly improved by the network, according to the developers. JPMorgan and MAS are in a period of testing its abilities, as well as integration with market blockchain applications. Soon at the Singapore FinTech Festival (SFF), and Singapore Week of Innovation and Technology (SWITCH) all practical functions that give good results will be presented.
The prototype is the consequence of Project Ubin, a project that is led by the monetary authority of Singapore (MAS) and has a goal of finding new blockchain solutions to the financial sector. The project is now in its fifth phase of works on the basis of cooperation. According to the Monetary Authority of Singapore (MAS), while the prototype is its biggest achievement, for now, the new payments network can provide interfaces even for other blockchain networks.
Said with other words, it will make it possible for other projects to connect to the network and send payments. Extra features would be present, such as DvP (Delivery versus Payment) settlements with private exchanges, payment commitments for trade finance, conditional payments and escrow for trade, and more.
Monetary Authority of Singapore hopes to inspire other central banks to make similar projects and achievements, noted Sopnendu Mohanty, the CFO at MAS. The Monetary Authority of Singapore will also help other developers in speeding up their progress and will release technical information to the public. The goal of MAS is to improve cross-border connectivity making it cheap, fast, and safer than ever by linking up as many blockchain networks as possible.
Another important goal of Project Ubin is to determine how much blockchain-based payment networks are commercially viable and what their commercial value is, for which MAS is working with over 40 financial and non-financial companies.
Chia Song Hwee, the president and COO of Temasek, said that the presence of non-financial firms shows the great applicability potential of the technology. JPMorgan is the infrastructure partner for the project. It is expected in early 2020 the report to be published, describing the network’s use cases, listing features and more.
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