Mastercard joins US banking giants to develop tokenized payments

Key Takeaway:

Mastercard is collaborating with major U.S. banking institutions to explore distributed ledger technology for banking payments using tokenization. The project, known as the Regulated Settlement Network (RSN), aims to enhance the efficiency of cross-border payments and minimize errors and fraud.

Collaboration with Leading Banking Giants

Mastercard, along with Citi, JPMorgan, Swift, and other prominent banking entities, is testing the Regulated Settlement Network for tokenized asset settlement. This innovative technology streamlines the process by converting various assets into tokens and recording them on a distributed ledger platform, setting a new standard for cross-border transactions.

Advancements in Blockchain Technology

Through partnerships with organizations like the MITER Corporation and BNY Mellon, Mastercard is at the forefront of blockchain innovation. The collaboration with MetaMask to introduce an on-chain card integrated with the Mastercard network showcases the company’s commitment to embracing emerging technologies and enhancing payment solutions for a global audience.

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