A New Milestone: Deutsche Bank and Standard Chartered Execute First Universal Digital Payments Network (UDPN) Proof-of-Concept
Deutsche Bank and Standard Chartered Bank have achieved a significant milestone in financial evolution by executing the first-ever Universal Digital Payments Network (UDPN) proof-of-concept (PoC). This groundbreaking test involved real-time on-chain transfers and swaps between USDC and EURS stablecoins on the UDPN infrastructure.
The First Stablecoin Transfer and Swap Between Banks
SC Ventures, at the core of this PoC, utilized UDPN software development kits (SDKs) and APIs to create decentralized identities and linked digital currency wallets. After successful onboarding, SC Ventures conducted multiple transfers and swaps of synthetic USDC and EURS to Deutsche Bank’s digital currency wallets. These transactions, signed with SC Ventures’ private key, were completed in real-time with their trails visible on public EtherScan.
Deutsche Bank’s Reciprocation
In return, Deutsche Bank initiated multiple transfers and swaps to SC Ventures’ digital currency accounts using a user-friendly graphical interface integrated within its UDPN environment. The collaboration relied on UDPN business nodes to connect to the UDPN permissioned distributed ledger technology consensus network. This synergy demonstrated how UDPN can expedite cross-border transactions from days to minutes, offering a solution to interoperability challenges in the cryptocurrency industry.
Unlocking Interoperability Challenges
This initiative is the first in a series of 12 PoCs aimed at addressing interoperability challenges in cross-border payments. Throughout the PoC phase, learnings related to Central Bank Digital Currency (CBDC), digital assets, key custody, compliance, and other aspects were extensively discussed and documented.
“We are pleased to participate in the first industry pilot on the UDPN platform. This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies. Tokenized forms of currency will inevitably become a part of the new financial landscape,” said Thorsten Neumann, CTO of SC Ventures.
According to Rafael Otero, CTO of Deutsche’s Corporate Bank, this successful PoC highlights the potential of stablecoins and CBDCs, signaling a step closer to a digital and regulated future of money.
Hot Take: A Revolutionary Step Towards Digital Payments
Deutsche Bank and Standard Chartered Bank have made history by conducting the first Universal Digital Payments Network (UDPN) proof-of-concept. This groundbreaking achievement paves the way for real-time cross-border transfers and swaps between stablecoins. The collaboration showcases the potential of decentralized identities and linked digital currency wallets, along with the ability to expedite transactions from days to minutes. By addressing interoperability challenges in the cryptocurrency industry, this PoC signifies a major leap towards a digital and regulated future of money. As stablecoins and Central Bank Digital Currencies (CBDCs) gain traction, we can expect tokenized forms of currency to become an integral part of the financial landscape.
By
By
By
By
By