Singapore adds Accenture for blockchain prototype interbank payments

Singapore’s central bank appoints a professional services and consultancy giant Accenture. Since, to develop a  blockchain prototype solution for interbank payments.

The Monetary Authority of Singapore (MAS)– the country’s defacto central bank and financial regulator. Recently, reveals successful development of 3 different blockchain models for decentralized inter banks payments and settlements. The prototypes were develop using three platforms specifically the open-source Hyperledger Fabric, R3’s Corda and JP Morgan Chase’s Ethereum-based Quorum.

Chief FinTech Officer, MAS Sopnendu Mohanty reveals,

“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 the opportunity for a wider adoption of DLT-based settlement systems”.

Related Coverage: 3 new blockchain payments prototypes: Singapore’s de facto central bank

Afterwards, Accenture declares that it has been appointed by the Association of Banks in Singapore (ABS) and MAS to ‘manage and develop a prototype’. However, using 3 distributed ledger technology platforms for inter-banks payments solution.

The Managing Director of Accenture’s global blockchain, David Treat adds,

“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 match by the value of the strategic thinking going into how the interbank payments ecosystem will transform and build new value”.

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