A group of major companies including Citi, JPMorgan, Mastercard, Swift, and Deloitte are collaborating to explore the potential of shared ledger technology. The goal of this collaborative effort is to simulate multiasset transactions in U.S. dollars through a research project known as the Regulated Settlement Network (RSN) proof-of-concept (PoC).
The RSN PoC will investigate the possibility of bringing together commercial-bank money, wholesale central-bank money, and securities like U.S. Treasuries and investment-grade debt in a regulated setting. The Federal Reserve Bank of New York’s New York Innovation Center will serve as a technical observer for the project.
Debopama Sen, global head of payments at Citi Services, expressed excitement about the opportunities that this project presents in the digital economy. Raj Dhamodharan, executive vice president for blockchain and digital assets at Mastercard, highlighted the potential for shared ledger technology to revolutionize dollar settlements, making them programmable, 24/7, and frictionless.
The Securities Industry and Financial Markets Association (SIFMA) will oversee the management of the program with additional participants like TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp involved in the collaboration. Once the research is completed, the findings will be published to further our understanding of shared ledger technology in the financial services sector.
The participants in this program are not obligated to continue with further research after