Deutsche Bank/Standard Chartered Ventures

Solutions Providers

1. Problems/Challenges it aims to solve

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2. Solutions

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Deutsche Bank and Standard Chartered’s SC Ventures are testing the Universal Digital Payments Network (UDPN) as an alternative to the traditional SWIFT system for stablecoins and Central Bank Digital Currencies (CBDCs). UDPN, which involves around 25 organizations, serves as an interoperability bridge between various blockchains, ensuring transactions take place in a regulated, bank-friendly environment. Developed by GFT Group and Red Date Technology, it permits transactions across diverse networks, from stablecoins on public blockchains to CBDCs. The aim is to integrate blockchain-based transactions in private settings, a goal pursued by multiple bank consortia over the years. UDPN uses decentralized digital identity standards, enabling it to operate on both permissioned and permissionless networks. For cross-border transfers, the value is tokenized and transferred to a UDPN-managed smart contract, which then releases the target currency, eliminating the need for centralized systems like SWIFT.

3. Target Customers

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4. Key Points

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5. People

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6. Resources

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