Real-Time Settlements and 24/7 Functionality
Payment processor Visa has successfully completed the Hong Kong Monetary Authority's central bank digital currency (CBDC) Pilot Programme in collaboration with HSBC and Hang Seng Bank. The programme involved tokenization of deposits, with money deposited in a bank minted on the bank's own blockchain ledger. Visa's key findings included near real-time settlement for interbank transfers and the ability for its platform to operate 24/7, surpassing traditional payment systems.
Enhanced Security and Privacy
During the pilot, Visa's tokenized deposits were transacted through encryption, allowing them to be viewed on blockchain explorers without revealing the identity of participants, balances, or transaction amounts to non-bank users. This provides enhanced security and privacy for users.
Next Steps for Visa
Visa is now exploring tokenized asset markets and programmable finance as part of its next steps. This includes the automation of property payments, where the remaining balance tokens from a buyer can be transferred to the property developer upon reaching the completion date of the contract. This automation minimizes lag time in the closure of the process. The e-HKD Pilot Programme will move on to phase two following the successful results of the pilot.
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