MasterCard and leading American banks test new interbank tokenized settlements system
MasterCard and a number of leading American banks have initiated testing of a new system for interbank tokenized settlements known as RSN PoC. This system aims to streamline settlements using tokenized assets like commercial bank assets, central bank digital currencies (CBDCs), securities, and US Treasury obligations.
Financial powerhouses participating in the testing include US Bancorp, Wells Fargo, Swift, TD Bank NA, Citigroup, VISA, USDF, Zions Bancorp, and JPMorgan. The primary objective of the testing is to evaluate the system’s functionality in a simulated transaction model featuring different tokenized assets denominated in US dollars, for interbank settlements and internal usage by financial institutions.
The administration of the RSN PoC program is overseen by the Securities Industry and Financial Markets Association (SIFMA), with the consulting firm Deloitte ensuring compliance with US legislative requirements. The project also involves independent experts such as MITRE, BNY Mellon, Broadridge, DTCC, ISDA, and Tassat Group.
The RSN PoC project marks a significant advancement towards implementing more efficient and secure solutions for financial settlements. It represents a continuation of endeavors to integrate blockchain technologies into financial systems. Notably, MasterCard previously collaborated with the British blockchain company Fluency to jointly process payments in central bank digital currencies, underscoring its dedication to the advancement of innovative financial technologies.
