Professional services company, Accenture, has been hired by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) to develop a prototype using distributed ledger technology (DLT) for processing interbank payments.

The project is in Phase 2 of an initiative called Project Ubin, which is led by MAS and ABS as well as a group of financial institutions consisting of 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.

In a statement today Sopnendu Mohanty, Chief FinTech Officer, MAS explained the goal of the project to be:

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 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.

Through its Accenture Liquid Studio in Singapore, it will develop and test interbank payment prototypes using three DLT platforms, namely Quorum, R3 Corda, and Hyperledger Fabric.

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