A consortium of banks in Singapore led by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS), made public three blockchain prototypes on inter-bank payments in hopes to encourage other banks to engage in innovation in this space.

These prototypes are a part of the multi-phase Project Ubin, which the consortium started last year. The goal of project is to explore the use of distributed ledger technology (DLT) for intra-bank payments.

The announcement comes on day two of the Singapore’s largest fintech conference: the Singapore Fintech Festival.

In a statement on Tuesday, Sopnendu Mohanty, chief fintech officer of MAS said:

Open-sourcing these prototypes will encourage other central banks to conduct similar trials and engender further development on domestic inter-bank payments. We aim to link up such DLT-based systems in the future for improved cross-border connectivity. This is our contribution to the global financial ecosystem, and a step towards developing cheaper, safer and more efficient cross-border payments.

Read more at Finextra and The Strait Times.