The Japan Financial Agency supported the interbank settlement project for monetized deposits, involving 43 institutions

According to DCP, GMO Aozora Net Bank and Abeam Consulting, the project “Interbank Settlement of Decorative Deposits” under the “Fintech Evidence Experiment Hub”, supported by the Japan Financial Agency, has attracted 43 institutions and launched a full-scale validation on 20 August. The project aims to explore how the monetized deposits between multiple banks (TD) can achieve inter-link settlements, with the objective of placing the inter-user chain transfers and inter-bank settlements on the chain and reducing settlement risks and costs by a 7x24 hour RTGS model. Two options are currently being tested: a commercial bank acting as a clearing house, and the use of a stable currency to complete the TD interbank settlement, while assessing the means of connection to the existing payment system。