The globally leading professional services firm, Accenture, has tied-up with enterprise-grade blockchain-based tech company R3 and German software giant, SAP. According to the latest piece of information about the strategic partnership, the trio is working to create a prototype that will be studded with the merits of distributed ledger technology and standard procedures focused on the facilitation of large sums of money.
Accenture supports the idea of the implementation of DLT in the payment settlement domain by stating that it has the potential to enhance the efficiency and security of the network, which at present is “highly complex and fragmented.”
The reports indicate that the three leading business houses-Accenture, R3, and SAP- are putting in their best efforts to chalk out a real-time gross settlement system or the RTGS system. This upcoming project will help in fostering quicker, more efficient, authentic, and assured payments between banks and their clients. As per the press release concerning the DLT prototype, the highly anticipated solution will render a perfect bridging solution for collaboration and interoperability between the decentralized network and the traditional government-framed payment solutions.
The prototype will employ currency tokens and not digital currencies as this will make it work as a substitute for the native central bank fiat currency, which will be bestowed upon with the excellence of cryptography. By doing so, the banks will be able to carry on with their current payment framework as well as they will be able to adopt new methods for settling payments simultaneously.
The prototype will work on SAP’s Payment Engine application that serves as the focal point for the payment as well as settlement processes. In order to foster synchronizing with the RTGS, the prototype will be clubbing with R3’s open-source blockchain network, Corda. Accenture will give in its expertise concerning the blockchain and technical domain for successfully carving out the instant payment settlement solution along with the other two market leaders.
John Velissarios, the notable Managing Director and Global blockchain technology chief, stated that
Because the current payment settlement infrastructure is highly complex and fragmented, RTGS systems that leverage DLT and cryptographically secure tokenized payments can help central banks improve efficiency and security. The RTGS prototype, designed in collaboration with SAP and R3, demonstrates the next stage of efficiency in payment systems and, ultimately, paves the way to linking to tokenized-assets, like equities, to create an increasingly integrated and seamless financial services ecosystem.