The Monetary Authority of Singapore (MAS) and the Bank of Canada (BoC) have successfully conducted first digital cross-border payments by using blockchain networks.

According to the announcement (May 2), the purpose of this partnership is to increase efficiency and lower risks of global transactions. The two banks linked up their distributed ledger technology (DLT) networks: MAS’ nascent Project Ubin platform and BoC’s Project Jasper to make the payments faster and safer. Also, the project has received the help of giant consulting firm Accenture and American bank J.P. Morgan.

“The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments. It is challenging work, and we welcome other central banks to join us in this global collaboration, to bring benefit to consumers, businesses and the broader financial industry,” said Sopnendu Mohanty, MAS Chief Fintech Officer.

Following the success of the project, the MAS and Boc have published a summary in which they discussed the advantages of the joint network, entitled “Jasper-Ubin Design Paper: Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies.”

“In our tests, no other action would proceed if any action fails, thus ensuring the end to end consistency of a transaction,” the report read. It continued: “In the correspondent banking method of payment, the sender and receiver trust the correspondent bank. In this DLT-based system using HTLC, trust will still be required, albeit in the technical system rather than in a third party.”

Previously, Thailand and Myanmar approved an Ethereum-backed remittance firm named Everex. The service offers cross-border currency transfer services between both countries, as The Crypto Sight reported on Apr 10.