Banks around the world are working with SWIFT to deliver the global payments innovation (gpi) initiative and create the next era for correspondent banking.
→ https://swift.com/gpi

#payments #crossborderpayments #swiftgpi

New York Fed Completes Pilot For Cross-border CBDC Transactions

As originally published in Blocknomi

https://platoblockchain.com/plato-data/new-york-fed-completes-pilot-for-cross-border-cbdc-transactions/

The Federal Reserve Bank of New York has completed a successful pilot of the use of central bank digital currencies (CBDCs) for wholesale, cross-border transactions.

The experiment, also known as Project Cedar: Phase One, aims to explore the capabilities of blockchain technology in payment delivery and the application of CBDC in wholesale payments.

Testing was conducted on separate blockchains to explore the capabilities of blockchain technology in delivering fast and safe payments for a lower settlement cost.

The New York Innovation Center, the entity in charge of the project exchanged a U.S. digital dollar with experimental foreign currencies in a simulated environment powered by blockchain technology.

The experiment showed a significant improvement in which the average clearing and settlement of transactions reduced from 2 days to under 15 seconds.

Additionally the framework could enable “atomic settlements” – an instant and simultaneous exchange of the assets.

Because of the dollar’s advantages in international payments, the US was previously uninterested in increasing CBDCs.

However, the country’s perspective has shifted, and it is now researching policies to develop the tool, technology, and potential it offers.

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The Federal Reserve Bank of New York’s Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will launch a joint experiment with wholesale central bank digital currencies (wCBDCs).

Regulators are keen to test the wCBDCs potential for cross-border wholesale payments. 

The MAS announced the launch of Project Cedar Phase II x Ubin+.

In its framework, NYIC and MAS will leverage wCBDCs as a settlement asset in cross-border cross-currency transactions.

The aim is to assess the possible ability of wCBDC to reduce settlement risk.

Project Cedar complements the Boston Fed’s work on a retail CBDC in Project Hamilton, being conducted in conjunction with the Massachusetts Institute of Technology’s Digital Currency Initiative.

Ubin+ is MAS’ international initiative to improve efficiency and reduce the risks of cross-border foreign exchange settlement by advancing cross-border connectivity and interoperability of wholesale digital currencies.

The Fed still has no plans to issue a CBDC, Executive Vice President, and Head of Markets, Michelle Neal said at a presentation in Singapore, but it has investigated foreign exchange spot settlement “from the perspective of the Federal Reserve.”

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Central bank digital currencies (CBDCs) have the potential to enhance the efficiency of cross-border payments, as long as countries work together. This is the main conclusion of a joint report released by the Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank. https://www.bis.org/publ/othp38.htm