The Solana Foundation (CRYPTO: $SOL) has launched a new open-source settlement program that lets commercial banks finalize tokenized asset and payment transactions in seconds.
The new tool, called Solana DvP, is being billed as a reusable delivery-versus-payment program.
JPMorgan Chase (NYSE: $JPM), the largest U.S. bank, provided input on securities settlement practices while the Solana Foundation developed the needed infrastructure.
Going forward, delivery and payment of an asset will settle together at the same time. If not, neither transaction takes effect.
The new setup is designed to replace custom settlement contracts that banks and other financial institutions have needed when moving tokenized securities on blockchains.
The Solana Foundation said in a statement that the program provides institutions with one open settlement standard and described finality as occurring “in seconds instead of days.”
JPMorgan Chase reportedly advised the Solana Foundation on the settlement practices and requirements used by its bankers and other financial institutions.
SOL is trading at $120.86 U.S. on Oct. 6.
