Bank of England taps Polygon consortium for digital pound trade finance tests

NOBO Finance, Dun & Bradstreet and Polygon Labs have joined Phase 2 of the Bank of England’s Digital Pound Lab to test SME trade finance flows that combine stablecoin payments, digital pound settlement and reusable business identity. Summary NOBO Finance, Dun & Bradstreet and Polygon Labs have joined Phase 2 of the Bank of England’s Digital Pound Lab to test cross border SME trade finance. The consortium will develop a reusable SME credit profile using transaction data, business intelligence and Polygon based smart contract infrastructure. A second workstream will test invoice factoring where exporters receive stablecoin advances while UK importers complete final settlement in digital pounds. The Digital Pound Lab uses no real customers or money and does not mean the Bank of England has decided to issue a digital pound. According to a press release shared with crypto.news, the consortium will test two connected workstreams inside the central bank’s experimental programme, with Polygon Labs providing stablecoin settlement, wallet and smart contract infrastructure through its Open Money Stack. The programme does not involve real customers or money, allowing the participants t...