Collaboration Accelerates Exploration of API Solutions for Retail CBDC Systems
LONDON And Melbourne, Australia, June 27, 2023 /PRNewswire/ — USTa leading digital transformation solutions company, announced its role as an innovation provider for Project Rosalind, an experiment in application programming interface (API) prototypes for central bank digital currencies (CBDCs) ) of Bank for International Settlements (BIS) and the Bank of England (BOE) through the BIS Innovation Hub London Centre. Bringing together leading innovators from their respective industries, the Rosalind project developed and tested prototypes for an application programming interface (API) specifically designed to distribute retail CBDCs.
CBDCs have the potential to positively disrupt and drive innovation across multiple sectors. UST has collaborated with BRI and BoE on the development of the API layer as well as exploring a range of use cases for the CBDC ecosystem. A prototype API layer was developed for the project, comprising thirty-three API endpoints grouped into six functional categories. More than thirty use cases identified and explored by collaborators from the public and private sectors served as a test and validation of the API architecture and functionalities. The success of Project Rosalind has proven that API layers can be used by central banks to securely distribute CBDC to consumers through private sector service providers while simultaneously improving privacy, accountability and convertibility.
UST played a central role in organizing the API development work, organizing innovation sessions as well as creating a secure and functional API layer. UST has also partnered with Quantitythe blockchain pioneer for finance, to provide the underlying infrastructure and blockchain platform.
In a BRI press release, Francesca Hopwood Road, Head of BIS Innovation Hub London Centersaid: “The Rosalind experiment advanced central bank innovation in two key areas: exploring how an API layer could support a retail CBDC system and how it could facilitate safe and secure CBDC payments at across a range of different use cases.
“Digital currency has the potential to transform financial businesses and revolutionize the end-user experience. The success of the Rosalind project with UST demonstrates how public-private collaboration and innovation can dramatically accelerate solutions to market and translate into tangible benefits for everyone. I am proud of the work we have done on this project and how it exemplifies our goal of transforming lives,” said Krishna SudheendraManaging Director, UST.
“At UST, innovation is at the center of all our transformation projects, and we are putting these principles into practice through this partnership. By leveraging our engineering background and approaching collaboration with an agile and aligned mindset, we were able to combine the strengths of each company to deliver an exceptional product,” said Tanver MohammadHead of Innovation for UK, US.
The prestigious London Innovation Hub Center was established by the BIS in 2021 and is one of six international nodes working to develop public goods in the tech space to support central banks and improve the functioning of the financial system.
UST's work on Project Rosalind is just one of many high-level collaborations as part of its commitment to driving digital transformation. Over the past two decades, UST has established itself as a key business transformation partner in a range of dynamic industries. For more information about the UST and its work for digital innovation, please visit the UST website.
The Rosalind project demonstrated that a well-designed application programming interface (API) layer can enable a central bank registry to interact with private sector service providers to securely deliver CBDC payments from retail. The project also demonstrated the potential of a CBDC system to enable a robust ecosystem to foster innovation and help meet the future needs of a more digitized society. The main lessons and results of this fruitful collaboration have been published and can be viewed here.
About the BIS Innovation Hub London Center
The BIS Innovation Hub has a triple mandate:
- We identify, in a structured and systematic way, critical technology trends affecting central banking in different locations, and develop in-depth insights into these technologies that can be shared with the central banking community.
- We develop public goods in the technology space aimed at improving the functioning of the global financial system.
- We serve as a focal point for a network of central bank experts on innovation, with regular events to promote the exchange of views and knowledge sharing. These efforts complement the well-established cooperation within BRI-hosted committees.
The BIS Innovation Hub London Center was established in 2021. Its current project areas are central bank digital currency (CBDC), next-generation financial market infrastructure and surveillance technology (suptech).
To learn more, visit bis.org.
Quant is the foundation of the blockchain economy. Assets of all kinds, from currencies 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 scalable. 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 designed with security and compliance in mind. . Founded in 2018, Quant is based in the UK with a presence in the US. We led the ISO TC307 Blockchain standard adopted by 57 countries and solved interoperability with the creation of the world's first interoperable blockchain platform, Overledger.
For more information, visit quant.network
Media contact, Quant
About the UST
For over 23 years, UST has worked alongside the world's best companies to drive real impact through transformation. Powered by technology, inspired by people and driven by our purpose, we partner with our customers from conception to operation. Using our agile approach, we identify their key challenges and craft disruptive solutions that bring their vision to life. With deep domain expertise and a scalable philosophy, we embed innovation and agility into our clients' organizations, delivering measurable value and lasting change across industries and across the globe. Together, with over 30,000 employees in over 30 countries, we are building for unlimited impact, touching billions of lives in the process. Visit us at www.UST.com
Media contacts, UST:
Tinou Cherian Abraham
+1 (949) 415-9857
+1 (949) 416-6212
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