Project Aber – Reimagining domestic and cross border settlement

The Saudi Central Bank and Central Bank of the U.A.E. facilitated a digital currency and DLT project which involved six participating commercial banks in two countries and a single dual-issued digital currency as an instrument of domestic and cross-border settlement.

The project which also included an evaluation of Corda, confirmed that that a cross-border single regional currency was technically viable, and that distributed ledger technology (DLT) can provide central banks with the ability to deliver both domestic and cross-border payment systems. 

Aber is the first single network, single dual-issued wholesale CBDC pilot for settlement of cross-border payments implemented on DLT.