UST teams up with BIS & Bank of England on retail CBDC projects

By Gloria Methri

Digital transformation solutions company UST has announced its role as an Innovation vendor for Project Rosalind, an experiment in application programming interface (API) prototypes for central bank digital currencies (CBDC) from the Bank for International Settlements (BIS) and the Bank of England (BOE) via the BIS Innovation Hub London Centre.

Uniting leading innovators from their respective industries, Project Rosalind developed and tested prototypes for an application programming interface (API) specifically built to distribute retail CBDCs.

UST collaborated with the BIS and BoE on the development of the API layer as well as the exploration of a range of use cases for the CBDC ecosystem. A prototype API layer was developed for the project, featuring 33 API endpoints grouped into six functional categories.

More than 30 use cases identified and explored by public and private sector collaborators served as testing and validation for the architecture and features of the APIs. The success of Project Rosalind proved that API layers can be used by central banks to safely distribute CBDC to consumers via private sector service providers.

UST helped in organising the API development work, running innovation sessions as well as building a secure and functional API layer. UST also partnered with Quant, the blockchain for finance pioneer, to provide the underlying infrastructure and blockchain platform.

Krishna Sudheendra, Chief Executive Officer, UST said, “Digital Currency has the potential to transform financial enterprises and revolutionize the end-user experience. The success of Project Rosalind with UST showcases how public-private collaboration and innovation can significantly accelerate time to market for solutions and result in tangible benefits for everyone. I am proud of the work that we have done on this project and how it exemplifies our focus on transforming lives.