MAS, Bank of Canada trial could herald cheaper, faster and safer cross-border payments

A SUCCESSFUL experiment by the Monetary Authority of Singapore and the Bank of Canada using central bank digital currencies and Distributed Ledger Technology could bring great potential to make cross-border and cross-currency payments cheaper, faster and safer.

The existing process is often slow, complicated and expensive, and relies on a correspondent banking network that is subject to counterparty risk, inefficient liquidity management and cumbersome reconciliation, the central banks said. The report also describes the technical implementation of the Hashed Time-Locked Contracts technique, and suggests areas of research in DLT interconnectivity mechanisms and alternative network models.

The central banks urged the global financial community to build on these findings and work together to make international payments better, faster and cheaper.

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