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China's government-backed Blockchain Service Network (BSN) is building a universal digital payment network (UDPN) to integrate various countries' central bank digital currencies (CBDC). Currently at the design stage, the beta version of UDPN is expected to launch in the second half of 2021. The BSN plans to complete the UDPN development in five years. With the UDPN, the BSN aims to enable a standardized digital currency transfer method and payment procedure. The new system intends to bring together systems like banking, insurance, enterprise resource planning and mobile apps through APIs to provide a cost-effective global payment solution.

Deutsche Bank and Standard Chartered are testing a SWIFT-like messaging system that instructs and allows blockchain-based transactions to occur across a spectrum of networks. The banks are running a series of test cases, including transferring and swapping USDC stablecoins, on the Universal Digital Payments Network (UDPN), a permissioned blockchain system composed of validator nodes run by an alliance of banks, financial institutions and consultancies. The system was created by GFT Group and Red Date Technology, co-founder of the Chinese government-backed Blockchain-Based Service Network (BSN). https://www.gft.com/int/en/dam/jcr:29335084-78e2-4d00-8771-c4890ae93347/pr-udpn-poc-deutsche-bank-and-sc-ventures.pdf

Standard Chartered and Giesecke+Devrient (G+D) completed a proof-of-concept (PoC) that tested the feasibility of conducting real-time multilateral cross-currency transfers on the Universal Digital Payments Network (UDPN), involving both distributed ledger technology (DLT) and non-DLT-based technologies. The PoC explored the indirect model, where commercial banks manage CBDC wallets and settlements directly on the UDPN, while the central bank handles wholesale settlement between commercial banks and keeps all transaction records. It also tested the direct model where central banks manage wallets and settlements within a centralized CBDC system

"Multiple global banks will participate in use case proof of concepts (POCs) this month, to show how the UDPN will integrate digital currencies into daily businesses, banking and payment. The first two POCs will involve two banks testing UDPN's digital currency cross-border transfer and swap capabilities, and how financial institutions can execute anonymous stablecoin transfers through the "travel rule" function. "