UST has partnered with the Bank for International Settlements (BIS) and the Bank of England (BOE) for Project Rosalind, an initiative focused on developing application programming interface (API) prototypes for central bank digital currencies (CBDCs). Through this collaboration, UST has contributed to the creation of a secure and efficient API layer, enabling the distribution of retail CBDCs and fostering innovation in the CBDC ecosystem.
BENGALURU, 27 Jun 2023 – UST, a leading digital transformation solutions company, is proud to announce its role as an Innovation vendor for Project Rosalind, an ambitious initiative by the Bank for International Settlements (BIS) and the Bank of England (BOE) through the BIS Innovation Hub London Centre. As part of this project, UST collaborated with industry leaders to develop and test prototypes for an application programming interface (API) specifically designed for the distribution of retail CBDCs.
The introduction of CBDCs has the potential to disrupt various sectors and drive innovation. UST worked closely with the BIS and BOE to develop the API layer and explore multiple use cases for the CBDC ecosystem. The project resulted in the creation of a prototype API layer featuring thirty-three API endpoints categorized into six functional groups. The architecture and features of the APIs were tested and validated through the exploration of more than thirty identified use cases involving collaboration between public and private sector stakeholders. The success of Project Rosalind demonstrated the feasibility of utilizing API layers to securely distribute CBDCs to consumers through private sector service providers while enhancing privacy, accountability, and convertibility.
UST played a pivotal role in organizing the API development work, conducting innovation sessions, and building a secure and functional API layer. Additionally, UST partnered with Quant, a pioneer in blockchain for finance, to provide the underlying infrastructure and blockchain platform.
Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, stated in a press release by BIS, “The Rosalind experiment has advanced central bank innovation in two key areas: by exploring how an API layer could support a retail CBDC system and how it could facilitate safe and secure CBDC payments through a range of different use cases.”
Krishna Sudheendra, Chief Executive Officer of UST, commented, “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’m proud of the work that we have done on this project and how it exemplifies our focus on transforming lives.”
Tanveer Mohammed, Head of Innovation for the UK at UST, added, “Innovation is at the core of all our transformation projects at UST, and this partnership allowed us to put those principles into practice. By leveraging our engineering expertise and adopting an agile and aligned approach, we combined the strengths of each company to deliver an outstanding product.”
The BIS established the esteemed London Innovation Hub Centre in 2021, which serves as one of six international nodes dedicated to developing technology-focused public goods to support central banks and enhance the functioning of the financial system.
UST’s participation in Project Rosalind represents one of its many notable collaborations as part of its commitment to driving digital transformation. Over the past two decades, UST has established itself as a key partner for business transformation across various dynamic industries. For more information about UST and its work in driving digital innovation, please visit the UST website.