'NY Fed, Big Banks Report Success With Centralized Blockchain Payments' - BlockWorks
Portfolio Pulse from Happy Mohamed
The New York Federal Reserve has reported successful results from a three-month experiment with major banks using centralized blockchain payments to address issues in the settlement process. The experiment used a regulated liability network (RLN) to create a theoretical payment infrastructure. Participating banks included Wells Fargo, BNY Mellon, Citi, HSBC, and Mastercard, with Swift also collaborating. The NY Fed has not yet established plans to expand or continue development of the RLN network.
July 06, 2023 | 7:40 pm
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NEUTRAL IMPACT
BNY Mellon participated in the NY Fed's successful blockchain payments experiment. No immediate plans for expansion or continuation have been announced.
While BNY Mellon's participation in the experiment is notable, the lack of immediate plans for expansion or continuation means the impact on the company's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Citi participated in the NY Fed's successful blockchain payments experiment. No immediate plans for expansion or continuation have been announced.
While Citi's participation in the experiment is notable, the lack of immediate plans for expansion or continuation means the impact on the company's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
HSBC participated in the NY Fed's successful blockchain payments experiment. No immediate plans for expansion or continuation have been announced.
While HSBC's participation in the experiment is notable, the lack of immediate plans for expansion or continuation means the impact on the company's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Mastercard participated in the NY Fed's successful blockchain payments experiment. No immediate plans for expansion or continuation have been announced.
While Mastercard's participation in the experiment is notable, the lack of immediate plans for expansion or continuation means the impact on the company's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Wells Fargo participated in the NY Fed's successful blockchain payments experiment. No immediate plans for expansion or continuation have been announced.
While Wells Fargo's participation in the experiment is notable, the lack of immediate plans for expansion or continuation means the impact on the company's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50