MAS, ABS develop blockchain tech for inter-bank payments

It will net payments whilst preserving transactional privacy.

A consortium by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) has developed prototypes of models for decentralised inter-bank payments.

According to a press release, the project was conducted with 11 financial institutions and five technology companies to explore blockchain technology as a way to clear and settle payments and securities.

The three software models will implement decentralised netting of payments whilst preserving transactional privacy.

A report on the findings will be released at the Singapore FinTech Festival on 13 to 17 November.

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