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Mastercard Inc (NYSE:MA) is collaborating with major U.S. banks to test a shared-ledger technology that will enable the unified settlement of tokenized assets, including commercial bank money and Treasury and investment-grade debt securities.
This Regulated Settlement Network proof-of-concept will simulate dollar transactions, aiming to simplify and speed up international and system-wide transactions while reducing errors and fraud risks, Bloomberg cites a Mastercard statement.
The new ledger technology can revolutionize financial operations by allowing commercial bank money, wholesale central bank money, and securities like investment-grade debt to reside on a single system once they are tokenized.
The initiative builds on a 12-week pilot that started in late 2022, focusing on domestic interbank and cross-border dollar transactions.
Major financial institutions participating in this trial include Citigroup Inc (NYSE:C), JPMorgan Chase & Co (NYSE:JPM), US Bancorp, Wells Fargo & Co (NYSE:WFC), and Visa Inc (NYSE:V), along with Swift, TD Bank NA, and Zions Bancorp (NASDAQ:ZION).
Experts from the Bank of New York Mellon Corp (NYSE:BK) and the International Swaps and Derivatives Association contribute to the project. Earlier in May, Mastercard reported fiscal first-quarter net revenues of $6.35 billion, up 10% year over year, beating the analyst consensus estimate of $6.34 billion. Adjusted EPS of $3.31 beat the analyst consensus estimate of $3.24.
Michael Miebach, CEO of Mastercard said, “We are driving growth in electronic payments by scaling innovative technologies like tokenization.”
Mastercard stock gained 18% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Financial Services ETF (NYSE:IYG) and Fidelity MSCI Financials Index ETF (NYSE:FNCL).
Price Action: MA shares are trading lower by 0.04% at $452.87 at the last check Wednesday.
Photo via Shutterstock
