Deutsche Bank and Standard Chartered’s FinTech and ventures arm SC Ventures have announced the completion of what they describe as the “first” Universal Digital Payments Network (UDPN) proof-of-concept (PoC).

The UDPN is a global messaging network supporting government-regulated digital currency systems, including regulated stablecoins and Central Bank Digital Currencies (CBDCs).

The partnership was able to deliver real-time on-chain transfer and swap test transactions between USDC and EURS stablecoins on the UDPN infrastructure.

SC Ventures set up a development environment and used UDPN SDKs and APIs to create decentralised identities and linked digital currency wallets.

Following the onboarding process, the organisation initiated several transfers and swaps of synthetic USDC and EURs to digital currency wallets of Deutsche Bank.

Deutsche Bank also initiated multiple transfers and swaps to SC Ventures’ digital currency accounts via a graphical user interface (UI) integrated within its dedicated UDPN environment.

“We are pleased to partake in the first industry pilot on the UDPN platform," said Thorsten Neumann, chief technology officer, SC Ventures. "This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies."

Rafael Otero, chief technology officer and chief product officer at Deutsche Bank's corporate bank division said that the PoC was an opportunity for the bank to investigate and research how it can let its clients actively participate in the "decentralised future global economy" and benefit from applications that are built on top of the network.

"This is the next logical step in the development of financial transactions," he added.

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