Several of the world's largest banks are in the process of investing around...
NEW YORK - Several of the world’s largest banks are in the process of investing around $50 million to create a digital cash system using blockchain technology to settle financial transactions, according to people familiar with the plans.
The previously disclosed project, known as the"utility settlement coin," was first proposed by Swiss bank UBS Group AG and London-based technology startup Clearmatics in 2015. It aims to develop a system to make clearing and settlement in financial markets more efficient. The deal has not been finalized so details may change. The new system could launch in 2020, the person said.Banks that had previously disclosed they were working on earlier phases of the project include UBS, Banco Santander, Bank of New York Mellon Corp, State Street Corp, Credit Suisse Group AG, Barclays PLC, HSBC Holdings Plc and Deutsche Bank AG.
Banks and other financial institutions have invested millions of dollars to test new blockchain systems aimed at reducing the costs and complexity of cumbersome processes. These include securities settlement and international payments.The utility settlement coin, one of the most ambitious of such projects, would consist of a digital cash instrument that banks could use to settle transactions.
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