Shantel
Key Takeaways:
- UST, a digital transformation solutions company, serves as an Innovation vendor for Project Rosalind, an initiative led by BIS and BOE to develop API prototypes for retail CBDCs.
- The collaboration focused on designing and testing an API layer for CBDCs, exploring various use cases and validating the architecture and features of the APIs.
- UST played a crucial role in organizing the API development work, conducting innovation sessions, and building a secure and functional API layer. They also partnered with Quant, a blockchain pioneer, to provide the underlying infrastructure and blockchain platform.
- The success of Project Rosalind demonstrates that a well-designed API layer can enable safe distribution of CBDCs to consumers through private sector service providers while enhancing privacy, accountability, and convertibility.
- UST’s commitment to digital innovation and collaboration is exemplified through this partnership, which aligns with their focus on transforming lives and driving digital transformation.
Introduction: UST’s Role in Project Rosalind
UST, a leading digital transformation solutions company, announces its involvement as an Innovation vendor for Project Rosalind. This initiative, led by the Bank for International Settlements (BIS) and the Bank of England (BOE) via the BIS Innovation Hub London Centre, aims to develop and test application programming interface (API) prototypes for retail Central Bank Digital Currencies (CBDCs).
Advantages of CBDCs and UST’s Collaboration
Central Bank Digital Currencies (CBDCs) have the potential to disrupt and drive innovation across various sectors. UST collaborates with BIS and BOE to develop an API layer and explore a range of use cases for the CBDC ecosystem. The collaboration focused on designing a prototype API layer, comprising thirty-three API endpoints categorized into six functional groups. Over thirty use cases identified by public and private sector collaborators served as testing and validation for the API architecture and features. The success of Project Rosalind confirms that API layers can enable central banks to safely distribute CBDCs to consumers through private sector service providers, while ensuring privacy, accountability, and convertibility.
UST’s Role in Project Rosalind
UST played a pivotal role in organizing the API development work, running innovation sessions, and building a secure and functional API layer. Their expertise and collaboration with Quant, a pioneer in blockchain for finance, allowed them to provide the underlying infrastructure and blockchain platform required for the project.
Perspectives on the Collaboration
Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, acknowledges the advancement of central bank innovation through the Rosalind experiment. She highlights the exploration of an API layer’s potential to support a retail CBDC system and facilitate safe and secure CBDC payments across different use cases.
Krishna Sudheendra, Chief Executive Officer at UST, emphasizes the transformative potential of digital currency in financial enterprises and user experiences. He highlights the success of Project Rosalind with UST as a testament to the acceleration of time-to-market for solutions through public-private collaboration and innovation.
Tanveer Mohammed, Head of Innovation for the UK at UST, highlights the company’s commitment to innovation and its agile and aligned approach to collaboration. By leveraging their engineering experience and combining strengths with partners, UST delivers outstanding products.
The BIS Innovation Hub London Centre
Established in 2021, the BIS Innovation Hub London Centre is a prestigious hub working to develop public goods in the technology space that support central banks and improve the functioning of the financial system.
UST’s Commitment to Digital Transformation
UST’s work on Project Rosalind showcases its dedication to driving digital transformation. With over 23 years of experience, UST has established itself as a key partner in business transformation across various industries.
About UST
UST is a digital transformation solutions company that partners with organizations worldwide to make a real impact through transformation. With a focus on design to operation, UST identifies core challenges, crafts disruptive solutions, and embeds innovation and agility into clients’ organizations. With over 30,000 employees in 30+ countries, UST builds for boundless impact.
Key Takeaways:
- UST joins Project Rosalind as an Innovation vendor to create API prototypes for retail CBDCs, initiated by BIS and BOE through the BIS Innovation Hub London Centre.
- The collaboration involves developing and testing an API layer for CBDCs, exploring various use cases, and validating the architecture and features of the APIs.
- UST’s significant contributions include organizing API development work, conducting innovation sessions, and building a secure and functional API layer.
- UST partners with Quant, a blockchain pioneer, to provide the underlying infrastructure and blockchain platform for the project.
- Project Rosalind demonstrates that a well-designed API layer can facilitate the safe distribution of CBDCs to consumers through private sector service providers while ensuring privacy, accountability, and convertibility.
Introduction: UST’s Role in Project Rosalind
UST, a prominent digital transformation solutions company, announces its participation as an Innovation vendor in Project Rosalind. This initiative, led by the Bank for International Settlements (BIS) and the Bank of England (BOE) through the BIS Innovation Hub London Centre, aims to develop and test application programming interface (API) prototypes for retail Central Bank Digital Currencies (CBDCs).
Advantages of CBDCs and UST’s Collaboration
Central Bank Digital Currencies (CBDCs) have the potential to disrupt various sectors and drive innovation. UST collaborates with BIS and BOE to develop an API layer and explore a range of use cases for the CBDC ecosystem. The collaboration focuses on designing a prototype API layer, comprising thirty-three API endpoints grouped into six functional categories. Over thirty use cases identified by public and private sector collaborators serve as testing and validation scenarios for the API architecture and features. The success of Project Rosalind confirms that API layers can enable central banks to securely distribute CBDCs to consumers through private sector service providers while enhancing privacy, accountability, and convertibility.
UST’s Contribution to Project Rosalind
UST plays a crucial role in organizing the API development work, conducting innovation sessions, and building a secure and functional API layer. Their expertise and partnership with Quant, a blockchain pioneer, enable them to provide the necessary infrastructure and blockchain platform for the project.
Perspectives on the Collaboration
Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, acknowledges the advancement of central bank innovation through the Rosalind experiment. She highlights the exploration of an API layer’s potential to support a retail CBDC system and facilitate safe and secure CBDC payments across different use cases.
Krishna Sudheendra, Chief Executive Officer at UST, emphasizes the transformative potential of digital currency in financial enterprises and user experiences. He highlights the success of Project Rosalind with UST as evidence of accelerated time-to-market for solutions through public-private collaboration and innovation.
Tanveer Mohammed, Head of Innovation for the UK at UST, emphasizes the company’s commitment to innovation and their agile and aligned approach to collaboration. By leveraging their engineering experience and combining strengths with partners, UST delivers exceptional products.
The BIS Innovation Hub London Centre
Established in 2021, the BIS Innovation Hub London Centre is a prestigious hub dedicated to developing public goods in the technology space that support central banks and enhance the functioning of the financial system.
UST’s Dedication to Digital Transformation
UST’s work on Project Rosalind exemplifies their dedication to driving digital transformation. With over 23 years of experience, UST has become a key partner in business transformation across various industries.
