Standard Chartered's $SC$ Ventures and Deutsche Bank said they have completed the first proof-of-concept (PoC) for the Universal Digital Payment Network (UDPN), Golden Finance reported. It aims to connect payments from various CBDC and blockchain networks via messaging (similar to Swift). Unlike Swift, financial institutions exchange information through a permissible blockchain. Banks are willing to participate because the network only supports regulated tokens and uses decentralized identities to enforce compliance.
During the trial, Standard Chartered's SC Ventures transferred and exchanged synthetic $USDC$ and $EURS$ (Stasis Euro stablecoins) to Deutsche Bank wallet in real time several times. SC Ventures uses code that leverages the UDPN SDK and API, while Deutsche Bank uses a graphical user interface.
