Trust Payments are delighted to be a founding partner of a new cross-industry consortium launched in the UK to reimagine and test new payment rails for the global financial system, the Digital FMI Consortium.
The new group – standing for ‘Digital Financial Market Infrastructure (DFMI)’ – is the body behind Project New Era, the UK’s first privately-led Digital Sterling pilot, set to launch in the autumn. The group will focus on real-world testing to evaluate a future digital currency ecosystem, environment and economy that includes the coexistence of current forms of money, regulated digital assets (including crytocurrencies and stablecoins) and Central Bank Digital Currencies (CBDC), starting in the UK with Project New Era.
Trust Payments contributed to The Payments Association’s green paper, “A new era for money”, focused on the promising potential of CBDCs and Conway has outlined essential steps to helping stimulate wider adoption of CDBCs in past debates.
The consortium intends to use the blueprint set out by Project New Era to launch private-sector pilots in multiple jurisdictions across the world. The DFMI Consortium is made up of leading financial institutions, including commercial banks, payment providers, telecommunications platforms, FinTechs, NFT ecosytems and digital currency exchanges. To date members include IBM, Finastra, FinClusive, Ibanera, paywith.glass, Mattereum, Trust Payments and Accomplish Financial, with further members set to be announced upon the launch of the UK pilot.
The industry initiative is founded by leaders of the global financial services industry, under the coordination of Dutch financial infrastructure group paywith.glass SIG (Special Interest Group), with Boston Consulting Group as its consulting partner, and supported by The Payments Association in the UK. Official global advisors to the project include Rosa & Roubini Associates as Macroeconomic Advisors, Simmons & Simmons as legal counsel and Farrant Group providing strategic communications.
