The prototype accelerates the investigation of API solutions for CBDC payment systems
LONDON and MADRID, June 27, 2023 /PRNewswire/ — UST, a leading digital transformation solutions company, has announced its role as innovation provider for Project Rosalind, an application programming interface (API) prototyping experiment. for central bank digital currency (CBDC) from the Bank for International Settlements (BIS) and the Bank of England (BoE) through the BIS Innovation Hub London Center. Uniting leading innovators from different sectors, the Rosalind Project has developed and tested prototypes of an Application Programming Interface (API) specifically designed for the CBDC market.
CBDCs enhance disruptive innovation in a positive way and promote it in various sectors. UST collaborated with the BIS and BoE in developing the API layer as well as exploring a variety of use cases for the CBDC ecosystem. An API layer prototype was developed for the project, which included thirty-three API endpoints grouped into six functional categories. More than thirty use cases identified and investigated by public and private sector collaborators served as testing and validation of the architecture and features of the APIs. The success of Project Rosalind demonstrated that central banks can use APIs to securely distribute CBDC to consumers through private sector service providers, while improving privacy, accountability, and convertibility.
UST played a key role in organizing the API development work, conducting innovation sessions, and building a secure and functional API layer. UST has also partnered with Quant, a pioneer in blockchain in finance, to provide the underlying infrastructure and blockchain platform.
In a BIS press release, Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, stated: “The Rosalind experiment has provided a significant improvement in the innovation capacity of central banks in two key areas: exploring how a layer API could support a CBDC payment system and how it could facilitate secure CBDC payments through a variety of different use cases.”
“Digital currency has the potential to transform financial businesses and revolutionize the end-user experience. The success of Project Rosalind with UST demonstrates how public-private collaboration and innovation can significantly accelerate time-to-market for solutions and lead to tangible benefits for all. I am proud of the work we have done on this project and how it exemplifies our aim to transform lives,” said Krishna Sudheendra, CEO of UST.
“At UST, innovation is at the core of all of our transformation projects and we apply those principles throughout this collaboration. By leveraging our engineering expertise and approaching collaboration with an agile and aligned mindset, we were able to combine the strengths of each company to deliver an outstanding product,” added Tanveer Mohammed, Head of Innovation for UK, UST.
The prestigious London Innovation Hub Center was created by the BIS in 2021 and is one of six international nodes working on the development of public goods in the technology space to support central banks and improve the functioning of the financial system.
UST’s work on Project Rosalind is just one of its many high-profile collaborations as part of its commitment to drive digital transformation. Over the last twenty years, UST has established itself as a key partner in business transformation in multiple sectors.
To learn more about UST and its work driving digital innovation, visit the UST website.
The Rosalind Project demonstrated that a well-designed API layer can enable a central bank ledger to interact with private sector service providers to securely provide CBDC payment systems. The project has also demonstrated the potential of a CBDC system to create a strong ecosystem that fosters innovation and helps meet the future needs of a more digitized society. The main conclusions and results of the successful collaboration have been published and can be found here.
Acerca from BIS Innovation Hub London Center
The BIS has a triple mandate:
The BIS Innovation Hub London Center was created in 2021. Its current projects focus on central bank digital currency (CBDC), next generation financial markets infrastructures and supervisory technology (suptech).
For more information, visit bis.org.
About How much
Quant is the foundation of the blockchain economy. Assets of all kinds, from coins to carbon credits, are tokenized on the blockchain making their ownership immutable, their provenance traceable, and their use easy to manage. Our patent-pending technology makes this simple, reliable and future-proof. We work with financial institutions and other businesses to dramatically reduce their time to market, create new revenue streams, and mitigate risk by delivering enterprise-grade solutions built with security and compliance in mind. Founded in 2018, Quant is headquartered in the UK with a presence in the US. We led the ISO blockchain standard adopted by 57 countries and solved interoperability by creating the first interoperable blockchain platform, Overledger.
For more information, visit quant.network
Media Contact, Quant
Andrew CarrierChief Marketing Officerandrew.carrier@quant.network
about UST
For more than 23 years, UST has worked closely with the world’s best companies to achieve real impact through transformation. Driven by technology, inspired by people, and guided by our purpose, we partner with our clients from design to operation. Through our agile approach, we identify your main challenges and craft disruptive solutions that bring your vision to life. With deep industry experience and a future-ready philosophy, we embed innovation and agility into our clients’ organizations, delivering measurable value and lasting change across industries and around the world. Together, with more than 30,000 employees in more than 30 countries, we work towards the goal of unlimited impact, touching billions of lives in the process.
For more information visit us at www.UST.com
Media Contacts, UST: Tinu Cherian Abraham 1 (949) 415-9857
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Neha Misri 91-9284726602media.relations@ust.com
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