
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.