Wipro in partnership with R3, the enterprise blockchain software firm, has developed a blockchain-based solution prototype to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.
Developed as part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.
As part of the Phase I of Project Inthanon, Wipro and R3 have co-developed a blockchain solution prototype on Corda, R3’s open source blockchain platform, for the consortium. The solution automates the banks’ liquidity provision for resolving payment deadlocks through Liquidity Saving Mechanisms (LSM). The prototype has successfully demonstrated that DLT can significantly enhance payment efficiency by enabling 24/7 interbank settlements.
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