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RBA Report: Project Atom
10 December 2021
Exploring a Wholesale CBDC for Syndicated Lending.
“The POC demonstrated that the digitisation of syndicated loans on a DLT platform could provide significant efficiency gains and reduce operational risk by replacing highly manual and paper-based processes related to the origination and servicing of these facilities.
Moreover, integrating a tokenised CBDC on the same blockchain platform enabled instantaneous delivery-versus-payment (DvP) settlement of the loan drawdown, novation and repayment, and the smart contract functionality of DLT could potentially also be used to ‘program’ the automatic execution and settlement of more complex multi-stage and multi-party transactions involving conditions and interdependencies.
While many of these potential benefits of using CBDC for the settlement of tokenised asset transactions could be achieved through the use of existing (‘off-chain’) payment systems, doing so could introduce additional risks and complexities that would need to be explored.”
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