Today, at
CordaCon 2019, it was announced that Accenture and SAP have partnered with R3 to build a blockchain real-time gross settlement (RTGS) system. Central banks usually oversee RTGS, which allows nearly instant one to one settlement of high-value transactions.
The firms plan to create a distributed ledger technology (DLT) platform, which is interoperable with government-run payment systems. Rather than digital currency, it will utilize currency tokens as a proxy for central bank fiat money.
RTGS is made mainly of same-day payments and securities settlement. It fulfills two major roles; first banks deposit money with the central bank overnight, for balance sheet management purposes. Secondly, during the day, banks use their balances for payments and receipts to and from other banks.
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