Exploring Distributed Ledger Solutions for Settlements: Mastercard, Citi, JPMorgan, and Visa Collaborate on Regulated Settlement Network
Overview:
In a groundbreaking move, Mastercard, Visa, JPMorgan, and Citigroup have united to launch the Regulated Settlement Network (RSN) to explore distributed ledger solutions for settlements.
Collaborative Effort:
The RSN integrates commercial bank money with securities like US Treasuries to create a more interconnected financial ecosystem through Distributed Ledger Technology.
Endorsed by Federal Reserve:
The initiative has received backing from the New York Innovation Center of the Federal Reserve Bank of New York, highlighting the potential impact on market infrastructures.
Innovation and Efficiency:
The project aims to streamline settlements, reduce errors and fraud, and strengthen the financial infrastructure against operational inefficiencies.
Rising Blockchain Spending:
Financial players' involvement in exploring blockchain solutions reflects the growing trend, with forecasts predicting significant growth in blockchain spending by 2024.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.