A joint initiative including Mastercard, Visa, Citi, JPMorgan, and others aims to test shared ledger technology for the settlement of tokenized assets like commercial bank money and investment-grade debt securities.
The Registered Payment Network's PoC system will mimic dollar transactions in a bid to facilitate international transactions, streamline processes, and enhance security. With different financial instruments managed in separate systems, integrating ledger technology can revolutionize the sector. By tokenizing assets and using a distributed ledger, transactions can occur seamlessly.
This recent trial follows a 12-week test focusing on domestic and cross-border payments in dollars conducted in late 2022. Participants in the new trial consist of Citigroup Inc., JPMorgan Chase & Co., US Bancorp, Wells Fargo & Co., Visa Inc., Swift, TD Bank NA, and Zions Bancorp.
Please note that this information is not intended as investment advice.
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