Industry group launches consortium to test UK retail digital currency

A cross-industry consortium is being launched in the UK to reimagine and test new payment rails for the global financial system, the Digital FMI Consortium announced. The new group – standing for ‘Digital Financial Market Infrastructure (DFMI)’ – is the body behind Project New Era, the UK’s first privately-led Digital Sterling (dSterling) pilot, set to launch in the autumn.

The DFMI Consortium is made up of leading financial institutions, including commercial banks, payment providers, telecommunications providers, FinTechs, NFT ecosytems and digital currency exchanges. To date members include IBM, Finastra, FinClusive, Ibanera, paywith.glass, Mattereum, Trust Payments and Accomplish Financial, with further members set to be announced upon the launch of the UK pilot.

The industry initiative is founded by leaders of the global financial services industry, under the coordination of Dutch financial infrastructure group paywith.glass SIG (Special Interest Group), with Boston Consulting Group as its consulting partner, and supported by The Payments Association in the UK.

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