Universal Digital Payments Unveiled At Davos
The World Economic Forum (WEF) in Davos saw the introduction of the Universal Digital Payments Network (UDPN) for stablecoins and Central Bank Digital Currencies (CBDCs). The network seeks to make these digital currencies interoperable.
For the past two years, GFT, Red Date Technology, TOKO, and DLA Piper have all contributed to the development of USPN.
At Davos, a panel discussing infrastructure, interoperability, and the rapidly developing digital currency launched the network. Representatives from Deutsche Bank, HSBC, Standard Chartered, The Bank of East Asia, and Akbank were on the panel.
Several Tier 1 banks, according to the UDPN, will take part in a number of proof-of-concept use cases the rest of this month to show how UDPN could be used to address present and foreseeable problems with integrating digital currency into everyday business, banking, and payment scenarios.
The first two of these proof-of-concepts 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.
(With inputs from Shikha Singh)
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