Wholesale financial settlement refers to the process of transferring large-value funds and securities between financial institutions, typically central banks and commercial banks. This occurs through specialized interbank payment systems, ensuring finality and reducing systemic risk in the financial system. It is a critical component of national and international financial infrastructure, enabling the smooth operation of money markets and capital markets. Efficiency in this area is vital for overall economic stability.
Context
The modernization of wholesale financial settlement is a significant area of focus, especially with the exploration of distributed ledger technology (DLT) and central bank digital currencies (CBDCs). News frequently covers pilot projects by central banks and financial consortia investigating how DLT can streamline these processes, offering near real-time settlement and reduced counterparty risk. The goal is to enhance efficiency and resilience in the underlying systems that support global finance.
The $135 million Series C accelerates the deployment of central bank-backed tokenized money for T+0 interbank settlement, mitigating systemic counterparty risk.
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