UK Finance, a British organization representing the banking and financial sector, has initiated a trial run of the U.K. Regulated Liability Network (RLN) with the participation of eleven member companies.
In the first use case of our exploration, we will investigate the implementation and implications of payment after receipt for tangible items, with a focus on minimizing deceitful transactions during online sales.
The homebuying process will also be examined to increase customer transparency, thereby decreasing the occurrence of conveyance fraud – this being the act of selling an asset clandestinely to evade making a claim against a creditor. In our concluding case study, digital currency will be employed for settling digital bond transactions.
The experiments will correspond to Project Rosalind, a collaboration between the Bank for International Settlements and the Bank of England that ended in June. This initiative explored how application programming interfaces (APIs) are utilized by banks when dealing with central bank digital currencies (CBDC). The technical sandbox will be used to assess the capabilities of the U.K.’s RLN.
The findings from the UK Finance RLN experimentation, conducted during the spring, will be made public this summer.
Barclays, Citibank, HSBC, Lloyds Banking Group, MasterCard, NatWest, Nationwide, Santander, Standard Chartered, Virgin Money, and Visa are involved in the trial process.
[
“As a commercially led approach, RLN can unlock new features for customers’ money across a range of retail and wholesale use cases.”
In July, the Federal Reserve Bank of New York’s Innovation Center, SWIFT, and nine major financial institutions conducted a trial run to exchange and settle commercial bank deposit tokens and central bank liabilities using a mock US Central Bank Digital Currency (CBDC). The experiment involved Citi, HSBC, and Mastercard, who are also part of the UK Real-time Gross Settlement (RLS) exploration.
Read More
- ZK PREDICTION. ZK cryptocurrency
- DYM PREDICTION. DYM cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Top gainers and losers
- TURBO PREDICTION. TURBO cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- BAT PREDICTION. BAT cryptocurrency
- VINU/USD
2024-04-16 20:35