The Universal Digital Payments Network (UDPN) has launched a digital currency sandbox for both commercial and central banks.
Launched at Davos last year, the UDPN is working towards interoperability for digital currencies, including stablecoins and CBDCs.
Following work with over 25 global commercial banks, central banks, and technology companies, the network has launched its sandbox, where members can learn about digital currency technology, test built-in use cases, and develop their own new custom use cases.
Commercial and central banks get a secure environment to control and provide permissioned access to other institutions in their ecosystem. The sandbox has a range of digital currency technologies including retail CBDC, wholesale CBDC, tokenised deposits, stablecoins, purpose-bound money, and security and bond tokenisation systems.
It also includes complete retail CBDC systems for banks to test quota management, issuance, circulation, third-party access APIs, and wallet and transaction management.
Marika Lulay, CEO of UDPN-contributor GFT, says: "With the All-in-One Digital Currency Sandbox, we are making a significant leap in digital currency deployment. Banks receive a robust arena for innovation and partnership. Our dive into diverse digital currency technologies marks a shift from mere exploration to crafting tomorrow's financial infrastructure."
Learn more about payments at NextGen Nordics on the 23 April 2024.