Banks can attach SWIFT Codes and bank accounts to a UMU digital currency wallet and transaction SWIFT-like cross-border payments over digital currency rails completely bypassing the correspondent banking system at best-priced wholesale FX rates and with instantaneous real-time settlement.
In an IMF interview with Tobias Adrian, Financial Counsellor at the International Monetary Fund, he states “Cross-border payments can be slow, expensive, and risky. In today’s world of payments, counterparties in different jurisdictions rely on costly trusted relationships to offset the lack of a common settlement asset together with common rules and governance. But imagine if a multilateral platform existed that could improve cross-border payments—at the same time transforming foreign exchange transactions, risk sharing, and more generally, financial contracting.”
According to Darrell Hubbard, the Executive Director of the DCMA, and the chief architect of UMU, “This vision expressed by the IMF is the exact solution the DCMA is delivering to central banks worldwide.”
