Major Banks and Financial Institutions Explore Potential of Shared Ledger Technology in the US Financial System

A collaborative effort between major companies including Citi, JPMorgan, Mastercard, Swift, and Deloitte is exploring the potential of shared ledger technology. This research project, known as the Regulated Settlement Network (RSN) proof-of-concept (PoC), aims to simulate multiasset transactions in U.S. dollars. The participants in the program are not obligated to continue with further research after the initial phase, but the focus remains on establishing consensus on the use of shared ledger technology within the U.S. financial system.

The Federal Reserve Bank of New York’s New York Innovation Center will serve as a technical observer for the project. Debopama Sen, global head of payments at Citi Services, expressed excitement about the opportunities that this project presents in the digital economy.

Raj Dhamodharan, executive vice president for blockchain and digital assets at Mastercard, highlighted the potential for shared ledger technology to revolutionize dollar settlements, making them programmable, 24/7, and frictionless. The Securities Industry and Financial Markets Association (SIFMA) will oversee the management of the program.

Additional participants like TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp are also involved in the collaboration.

Once the research is completed, the findings will be published to further