By leveraging latest open blockChain technologies and integrating them with world class identity, payments and banking technology systems such as ISX Financials’ Paydentity™, ISXPay® and Probanx®, ClearPay promises to deliver a same-day settlement (T+0) capability. This will supersede the current T+2++ process offered by other domestic and global exchanges.
It is intended that ClearPay will support secure, multilateral, multi-currency, real time Delivery versus Payment (DvP) of digital and digitised assets.
The benefit of a “Lit Exchange” is that full anti-money laundering processes will be applied to both buyer and seller, thus eliminating any “dark pools”. ClearPay will deliver BIS Model 1 with real-time digital ledger technology (DLT) based settlements, which will also mitigate the disadvantages associated with high-frequency traders.
ClearPay represents Australia’s first open, fair and equitable DvP process, which will be executed multi-laterally multiple times daily.
The NSXA will act as the central authority in the DLT process, will full access to Participants and Share Registry providers, consistent with OECD tokenisation recommendations, and BIS and IOSCO guidance.