SCBFF - New Digital Payment Network Promises To Make Cross-Border Transactions Faster Cheaper | Benzinga
Standard Chartered Bank's (OTC: SCBFF) SC Ventures and Deutsche Bank (NYSE: DB) have successfully conducted a Universal Digital Payments Network (UDPN) proof-of-concept, facilitating real-time transactions between USD Coin (CRYPTO: USDC) and EURS stablecoins.
In this initiative, SC Ventures utilized the UDPN development tools to initiate digital transfers to Deutsche Bank's wallets, which were tracked on EtherScan, Financial Express reported.
Similarly, Deutsche Bank reciprocated by transferring funds to SC Ventures.
Their combined effort is the first of 12 proof-of-concepts designed to demonstrate UDPN's potential in resolving cross-border payment challenges.
This endeavor also provided insights into the Central Bank Digital Currency (CBDC), digital assets, and various other sectors.
Such insights are set to play ...