Australian stock exchange operator NSXA develops ClearPay platform for blockchain payments

NSX Limited, operator of the National Securities Exchange of Australia (NSXA), in partnership with payments company iSignthisdevelops the ClearPay platform for blockchain-based calculations.

According to the developers, the platform will allowcarry out multicurrency settlements in real time between several exchanges. ClearPay will work according to the delivery versus payment (DvP) scheme, and due to the use of distributed ledger technology, the settlement time will be reduced from three days to one day.

In addition, the platform will includeopen sub-registry system based on blockchain — Digital Exchange Subregister System (DESS). According to the developers' plans, DESS could become a direct competitor to the clearing settlement system (CHESS) used by Australian stock exchanges.

ClearPay CEO John KarantzisKarantzis) said that iSignthis will provide payment services and ensure the KYC procedure, and the platform will be developed by a subsidiary of iSignthis — Probanx Solutions. Initially, the platform will operate under the DvP 1 model, the securities settlement mechanism introduced by the Bank for International Settlements (BIS).

In addition, ClearPay will not requesta license for clearing and settlement, as NSXA's ClearPay products will be authenticated and verified through Paydentity, a solution developed by iSignthis.

Last spring, Australian Stock Exchange(ASX) also introduced a pilot series of customer service standards (CDE) for the transition to the blockchain, with the aim of replacing the outdated clearing settlement system CHESS.

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