Published on May 15th, 2018 | by bitcoin0
Venture Jasper Uncovers Confirmation of Concept for Quickened Payments
Payments Canada owns and operates the country’s payments clearing and settlement infrastructure, and works to ensure the privacy and security of Canada’s financial transactions.
Every day, the company processes roughly $200 billion in payments, while the Bank of Canada — the country’s central bank — instills monetary policies to lower inflation and promote financial stability.
Project Jasper is a collaborative research initiative between the four institutions to understand how DTL could transform the payments system, and to experiment with a DLT-based integrated securities and payment platform.
Jasper III, a continuation of a March 2016 venture, is a proof of concept that explores the benefits of DLT on Canada’s financial systems.
Gerry Gaetz, the president and CEO of Payments Canada, commented, “This proof of concept shows that it is possible to deliver payments in a way that has never been done before — by directly swapping cash from buyers to sellers, resulting in instant settlements.