Accenture (NYSE: ACN) has been appointed by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) to manage and develop a prototype using three distributed ledger technology (DLT) platforms to help create a solution for interbank payments.

The project focuses on specific real time gross settlement (RTGS) functionalities such as gridlock resolution and a liquidity-saving mechanism on a decentralized system without compromising privacy. It is Phase 2 of an industry-wide initiative called Project Ubin, led by MAS and ABS, a group of financial institutions, including: Bank of America Merrill Lynch, Citi, Credit Suisse, DBS Bank Ltd, HSBC Limited, J.P. Morgan, Mitsubishi UFJ Financial Group, OCBC Bank, Singapore Exchange, Standard Chartered Bank, and United Overseas Bank.

Accenture is leveraging the Accenture Liquid Studio in Singapore, which focuses on emerging technology experimentation and rapid application development, to develop and test interbank payment prototypes using three DLT platforms: Quorum, R3 Corda and Hyperledger Fabric. This project could be the first of its kind across the global financial industry.

“A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions,” said Sopnendu Mohanty, Chief FinTech Officer, MAS. “This helps to open up opportunity for a wider adoption of DLT-based settlement systems. We are sharing our learnings and knowledge from Project Ubin to encourage greater experimentation amongst central banks and financial institutions. We look forward to working with other central banks on the use of DLT for cross-border applications.”

Ong-Ang Ai Boon, Director, ABS, said: “Project Ubin has brought the banks together in experimenting with DLT in a collaborative, open and transparent manner. We see immense benefits from a successful industry collaboration that creates a vibrant ecosystem. We are encouraged that this outcome could potentially be leveraged on by the banks to catalyze the development of more innovative solutions.”

“Singapore is uniquely positioned to lead this cutting-edge innovation journey and we are leveraging the best of Accenture, both locally and globally in financial services, particularly in payments and DLT to ensure success,” said Divyesh Vithlani, Accenture managing director, financial services ASEAN. “DLT is a priority and strategic focus area for Accenture. Our product independence and deep hands on experience across all the code bases gives us the ability to help drive required outcomes.”

David Treat, managing director in Accenture’s global blockchain practice, added: “Project Ubin is making a great leap forward in proving the value and potential of DLT systems and their ability to transform industries. The value of the technical innovations arising from the program is matched by the value of the strategic thinking going into how the interbank payments ecosystem will transform and build new value.”

Accenture has been commissioned to publish a technical report at the end of Project Ubin Phase 2. The report will be published during the Singapore FinTech Festival, which will be held on 13 to 17 November. A separate media release has been issued by MAS on October 5 announcing the success of the prototype developed so far. Details of Project Ubin can be found on MAS website: http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-and-ABS-lead-consortium-to-harness-blockchain-technology.aspx