I’m absolutely thrilled to be able to write about the open sourcing of Project Ubin Phase II, a key project that our team has been working on for the past seven months with the Monetary Authority of Singapore (MAS), ten banks, and our partner Accenture.
What is Project Ubin? It’s probably the most advanced starter kit out there for anyone wanting to explore blockchains for banking:
How do banks pay each other? In most countries, when banks want to transfer money to each other, perhaps upon instruction from a customer, they don’t put bundles of banknotes in vans, they pay each other digitally. How does this work?
This post is intended as a primer about payment systems and explains correspondent banking, nostros, real time gross settlement (RTGS) systems and deferred net settlement (DNS) systems. It supports other posts where I discuss decentralisation of these systems using distributed ledgers.
This post aims to explain the various common forms of money that exist today, and the words we use to describe them.