This experimentation was performed using blockchain infrastructures
Societe Generale issued €40 million of covered bonds as security tokens directly registered on a public blockchain.
The pilot transaction is carried out with the Banque de France. It demonstrated that financial securities can be digitally settled and delivered in Central Bank Digital Currency (CBDC).
The aim of this test is to identify how innovative technologies could enhance the fluidity of payment systems and financial infrastructures.
According to a statement, this innovation is central to Societe Generale Group’s digital transformation. Earlier, the Group has already been involved in numerous blockchain-based initiatives, which could pave the way for the shortening of payment processes.
We’ve reported that Raiffeisen Bank International announced the pilot of digital currency after a successful proof-of-concept earlier this year. According to a statement, the bank will run the project along with UK fintech startup Billon.