Wipro Limited, a leading global information technology, consulting and business process services company, announced that the company partnership with R3, the enterprise blockchain software firm, has developed a blockchain-based solution prototype to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand. Developed as part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.
As part of phase I of Project Inthanon, the collaborators built an open source blockchain platform for the consortium. The prototype has successfully demonstrated that DLT can significantly enhance payment efficiency by enabling 24/7 interbank settlements.
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