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Bank Of Canada And Partners Release Project Jasper Phase Three Findings




The results from phase three of the Project Jasper banking trials were revealed during the Payments Canada Summit yesterday and highlighted a new integrated DLT securities and settlement platform.

Four executives representing a collective effort by the Bank of Canada (BoC), TMX Group, Payments Canada, and Accenture presented a main-stage keynote on the findings of Project Jasper's third phase at the recent Payments Canada Summit in Toronto.

Project Jasper is described by the BoC as "a collaborative research initiative between the public and private sectors to understand how distributed ledger technology (DLT) could transform the wholesale payments system."

While phases one and two focused on clearing and settlement of high-value interbank payments via DLT, this latest effort analyzed the potential benefits from integrating "cash on ledger" with elements like foreign exchange and securities.  

Key points revolved around the expanded scope of research and development into Project Jasper's DLT, including a new "integrated DLT securities and payment settlement platform" that distinguishes between "delivery vs. payment."

The message from the main stage was clear: It is feasible to use blockchain technology for automatic and immediate securities settlements.

"This shows that it is possible to deliver payments in a way that has never been done before – by directly swapping cash from buyers to sellers, resulting in instant settlements," said CEO of Payments Canada Gerry Gaetz, who is familiar with the phase three results but did not participate in the keynote speech.

Drawing more conservative conclusions, keynote participant and senior special director at the BoC Scott Hendry said, "We're still uncertain after doing this work that there are significant savings possible for participants." He then noted, "It's not clear that all the participant dealers and banks are going to get a significant benefit out of this settlement system."

Jordan Daniell

Jordan Daniell has a passion for techno-social developments and cultural evolution. In his spare time, he enjoys astronomy, playing the bagpipes, and exploring southern California on foot. Jordan holds value in Ether.

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