UK Finance, the trade association for the UK financial industry, has announced the completion of its experimental phase for a tokenized and CBDC platform. The organization is now looking to collaborate with regulators and other public bodies to develop a payments network based on this technology.

The project involved 11 member banks, including Barclays, Citi UK, HSBC, and Natwest, as well as professional services firms. The project concluded that such a platform would contribute to economic value creation and could enable new functionalities, such as programmable payments.