We work with academics and the private sector to build and experiment with test cases and proofs of concepts.
Our broad-based approach to fintech and our work on Project Jasper landed our Fintech Working Group the first Pioneer Award in 2018.
Project Jasper marks a significant milestone in the payments industry. It was the first time in the world that a central bank participated in a distributed ledger technology (DLT) experiment in partnership with the private sector. This collaborative research initiative between the public and private sectors aims to understand how DLT could transform the wholesale payments system.
In the first phase of the project, we investigated the use of DLT for the settlement of high-value interbank payments.
Phase 2 of the project involved rebuilding the platform using an alternative form of DLT to further test the efficiency of this technology for the clearing and settlement of high-value interbank payments.
Project Jasper Phase 3 explored the potential benefits from integrating this “cash on ledger” with other assets, such as foreign exchange and securities.
Together with Payments Canada, we have partnered with the Monetary Authority of Singapore and the Bank of England to work on a cross-border, cross-currency settlement system for the next phase of the experiment. This collaboration combines our own Project Jasper and Singapore’s Project Ubin, with a view to using DLT to make cross-border payments faster and less expensive.