Citi, HSBC, NY Fed’s Innovation Group See Merit in Digital Ledgers for Global Payments

The theoretical payment network experimented with transactions in commercial bank deposit tokens, settling with hypothetical wholesale CBDCs on the same platform and using a shared ledger. It also looked at wholesale movement of U.S. dollars across borders. The network cut some of the friction over “speed, cost, off-hours availability, and the settlement process” for payments, according to the group’s proof-of-concept released Thursday.