The Monetary Authority of Singapore and the Bank of Canada announced the successful testing of cross-border payments using blockchain technology and digital assets. This is the first such testing between two central banks, according to Coindesk .

The experiment involved banks' own blockchain projects – Canadian Jasper, which is based on Corda technology from the R3 consortium, and Singapore Ubin on Quorum from JPMorgan bank.

The blockchains were connected using the technology of hashed synchronized contracts, which made it possible to make PvP payments without the involvement of intermediaries.

According to the results of the experiment, the parties noted “great potential for increasing efficiency and reducing the risks of international payments”.

“The successful outcome of the Jasper-Ubin project is a big step towards modernizing cross-border transactions with support for various cryptocurrencies,” said David Treet of Accenture, which provided technical support for the project.

Both central banks also said that blockchain technologies could play a significant role in improving cross-border payments in the future, becoming the basis for creating a unified system of interbank settlements.

Recall cross-border transfers testing and payment giant Western Union, experimenting with technology Ripple.

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