UST, a leading digital transformation solutions company, has announced its role as an Innovation vendor for Project Rosalind, an experiment in API prototypes for central bank digital currencies (CBDC) from the Bank for International Settlements (BIS) and the Bank of England (BOE) via the BIS Innovation Hub London Centre.

UST collaborated with the BIS and BOE on the development of the API layer and the exploration of use cases for the CBDC ecosystem. The success of Project Rosalind proved that API layers can be used by central banks to safely distribute CBDCs to consumers via private sector service providers while enhancing privacy, accountability, and convertibility.

UST played a pivotal role in organizing the API development work, running innovation sessions, and building a secure and functional API layer. UST also partnered with Quant, the blockchain for finance pioneer, to provide the underlying infrastructure and blockchain platform.

Project Rosalind demonstrated that a well-designed API layer can enable a central bank ledger to interact with private sector service providers to safely provide retail CBDC payments. The project also demonstrated the potential of a CBDC system to foster innovation and meet the needs of a more digitalized society. The key learnings and outcomes from the collaboration have been released.

The BIS Innovation Hub London Centre, established in 2021, aims to identify critical trends in technology affecting central banking, develop public goods to improve the functioning of the global financial system, and serve as the focal point for a network of central bank experts on innovation. Its current project focus areas include CBDC, next-generation financial market infrastructures, and supervisory technology.

UST’s work on Project Rosalind is just one example of its commitment to driving digital transformation. With over 23 years of experience, UST partners with clients across industries to create disruptive solutions that deliver measurable value and lasting change.

Quant, the foundation of the blockchain economy, offers enterprise-grade solutions built with security and compliance in mind. It works with financial institutions and other enterprises to reduce time-to-market, create new revenue lines, and mitigate risk by tokenizing assets on the blockchain.