Deutsche Bank and Standard Chartered pilot SWIFT alternative for digital currencies
Deutsche Bank and Standard Chartered test Universal Digital Payments Network (UDPN) for digital currency transactions. UDPN connects blockchain networks, facilitating seamless transactions between stablecoins and CBDCs. UDPN, with 25 participating organizations, aims to enhance digital currency transactions. Global banks Deutsche Bank and Standard Chartered are pioneering a groundbreaking solution that could revolutionize cross-border transactions in the realm of digital currencies. These financial giants are currently engaged in testing a network known as the Universal Digital Payments Network (UDPN), which has the potential to be a game-changer in the world of blockchain-based transactions. How the UDPN works UDPN, conceived as a permissioned blockchain system, is a brainchild of tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network (BSN). The system is designed to facilitate seamless transactions