The Monetary Authority of Singapore and the Association of Banks in Singapore are working with Accenture to develop a prototype using three distributed ledger technology platforms for interbank payments.

The project focuses on specific real-time gross settlement functionalities such as a liquidity-saving mechanism on a decentralized system without compromising privacy, according to an Oct. 12 release. The project is the second phase of an industry-wide initiative called Project Ubin led by the MAS and ABS.