The industry consortium led by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) has released the source-codes on distributed ledger prototypes for inter-bank payments in Project Ubin Phase 2 for public access.
The prototypes were developed on three distributed ledger technology (DLT) platforms – Corda, Hyperledger Fabric, and Quorum. Eleven financial institutions and five technology companies participated in the Phase 2 of Project Ubin.
The successful development of the software prototypes models for decentralised inter-bank payment and settlements with liquidity savings mechanisms was announced last month.
“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,” Sopnendu Mohanty, Chief FinTech Officer, MAS, said.
In addition, the consortium has also released a report, entitled “Re-imagining Interbank Real-Time Gross Settlement Systems Using Distributed Ledger Technology”, which describes the prototypes developed and shares the findings and observations from the project.
In the official release, MAS said that it will further leverage the collective knowledge of the open-source community though the Linux Foundation and the Hyperledger Project and encourage both institutions and individuals to contribute and improve on the prototypes.
