Accenture, MAS & ABS Developing Distributed Ledger Technology Solutions for Settlement of Payments Using Central Bank Digital...
October 12 2017 - 7:59AM
Business Wire
Aims to improve how central banks and financial
institutions deal with their settlement of payments
Accenture (NYSE:ACN) has been appointed by the Monetary
Authority of Singapore (MAS) and The Association of Banks in
Singapore (ABS) to manage and develop a prototype using three
distributed ledger technology (DLT) platforms to help create a
solution for interbank payments.
The project focuses on specific real time gross settlement
(RTGS) functionalities such as gridlock resolution and a
liquidity-saving mechanism on a decentralized system without
compromising privacy. It is Phase 2 of an industry-wide
initiative called Project Ubin, led by MAS and ABS, a group of
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.
Accenture is leveraging the Accenture Liquid Studio in
Singapore, which focuses on emerging technology experimentation and
rapid application development, to develop and test interbank
payment prototypes using three DLT platforms: Quorum, R3 Corda and
Hyperledger Fabric. This project could be the first of its
kind across the global financial industry.
“A key outcome of the consortium’s effort is the ability to
perform netting while protecting the privacy of transactions,” said
Sopnendu Mohanty, Chief FinTech Officer, MAS. “This helps to open
up opportunity for a wider adoption of DLT-based settlement
systems. We are sharing our learnings and knowledge from Project
Ubin to encourage greater experimentation amongst central banks and
financial institutions. We look forward to working with other
central banks on the use of DLT for cross-border applications.”
Ong-Ang Ai Boon, Director, ABS, said: “Project Ubin has brought
the banks together in experimenting with DLT in a collaborative,
open and transparent manner. We see immense benefits from a
successful industry collaboration that creates a vibrant ecosystem.
We are encouraged that this outcome could potentially be leveraged
on by the banks to catalyze the development of more innovative
solutions.”
“Singapore is uniquely positioned to lead this cutting-edge
innovation journey and we are leveraging the best of Accenture,
both locally and globally in financial services, particularly in
payments and DLT to ensure success,” said Divyesh Vithlani,
Accenture managing director, financial services ASEAN. “DLT is a
priority and strategic focus area for Accenture. Our product
independence and deep hands on experience across all the code bases
gives us the ability to help drive required outcomes.”
David Treat, managing director in Accenture’s global blockchain
practice, added: “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.”
Accenture has been commissioned to publish a technical report at
the end of Project Ubin Phase 2. The report will be published
during the Singapore FinTech Festival, which will be held on 13 to
17 November. A separate media release has been issued by MAS on
October 5 announcing the success of the prototype developed so far.
Details of Project Ubin can be found on MAS website:
http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-and-ABS-lead-consortium-to-harness-blockchain-technology.aspx
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
425,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
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AccentureLara Wozniak, +852 6027
3966lara.wozniak@Accenture.comorAccentureSean Conway, +1
917-452-7116sean.k.conway@accenture.com
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