At the Global Economic Forum in Davos, Switzerland, the Universal Digital Payments Network (UDPN) has officially been unveiled. UDPN is a distributed ledger technology-based messaging backbone that links multiple stablecoins and CBDCs together while allowing for simple access to regulated digital currencies through any business IT systems.
A wide variety of international financial institutions, including Deutsche Bank, HSBC, Standard Chartered, and Akbank, were in attendance at the launch to show their support and discuss how interoperability is crucial in the quickly evolving digital currency landscape. Representatives from The Bank of East Asia also discussed what infrastructure needs to be implemented for this new world order.
DAVOS, Switzerland, Jan. 25, 2023 /CNW/ — Launched at Davos during the World Economic Forum week, the Universal Digital Payments Network (UDPN) is a DLT-underpinned messaging backbone focused on providing interoperability between the fast-growing number of different regulated stablecoins and CBDCs, and seamless connectivity between any business IT system and regulated digital currencies. At the Davos launch event, representatives from leading global financial institutions Deutsche Bank, HSBC, Standard Chartered, The Bank of East Asia, and Akbank discussed the rapidly evolving world of digital currency, the importance of interoperability, and the need for an infrastructure to support these developments.
The UDPN can potentially drive down the cost of digital payments and accelerate adoption by banks and businesses of all sizes.
UDPN’s Development Progress and Upcoming Use Case Proof of Concepts (POCs)
Over two years in development, the UDPN is an advanced digital currency payments project that has achieved several significant milestones to date, including launching a UDPN Sandbox in July last year, in which multiple banks have been actively testing stablecoin transfer and swap (FX) transactions. A number of global Tier 1 banks will participate in a series of Use Case POCs this month, demonstrating how the UDPN will solve the current and future challenges of integrating digital currency into daily business, banking, and payment scenarios. The first two POCs will involve two global banks testing UDPN’s digital currency cross-border transfer and swap transaction capabilities and how the critical “Travel Rule” can be easily implemented on the UDPN between two financial institutions for anonymous stablecoin transfers.
Key Contributors to the Development of the Universal Digital Payments Network (UDPN)
The network was developed with contributions from global IT engineering and solutions provider GFT, decentralized cloud infrastructure company Red Date Technology, and TOKO, the digital asset creation engine delivered in collaboration with DLA Piper.
“The purpose of UDPN is to investigate a potential alternative to existing payments systems by enabling interoperability between fiat-backed tokens of stablecoins and regulated protocols,” said Marika Lulay, CEO of GFT. “The decentralized approach and geographic breadth of participating firms, combined with the advanced technology solution deployed for these trials, set this network apart.”
The Universal Digital Payments Network (UDPN) is a Distributed Ledger Technology-based messaging infrastructure that bridges the gap between different stablecoins and Central Bank Digital Currencies, allowing for seamless integration of any business IT system with regulated digital currencies.
At the World Economic Forum in Davos, Switzerland, the UDPN was unveiled with great excitement. Some leading financial institutions are working hard on this project that has the potential to reduce digital payment prices and speed up adoption by banks, as well as small and large businesses worldwide.
GFT, a world-renowned IT engineering and solutions provider; Red Date Technology, a decentralized cloud infrastructure company; and TOKO – the digital asset creation engine crafted in partnership with DLA Piper – are all invaluable contributors to this groundbreaking network.