Money

FIS Launches Tools for Central Banks to Create Digital Currencies (CBDC)


FIS has launched RealNet Central, a new central infrastructure payments solution, to help central banks transform their markets into digital-first, real-time payments economies. The company has also launched a virtual lab to allow central and commercial banks to experiment with digital currencies, said Julia Demidova, FIS’s head of strategy for real-time payments and central bank digital currencies.

“There is a lot of interest in payments and how to upgrade national mission-critical infrastructure and keep up with trends like real-time payments, digital assets and central bank digital currencies,” she said. “The value of payments can cover her entire chain and help countries transition to a digital her-first, real-time economy.”

Real-time payment systems are being introduced or already implemented in countries around the world. According to the FIS Global Payments Report 2022 Worldpay, 72% of the world’s population has or will soon have access to instant payments. The FIS said in its announcement that RealNet Central could accelerate the adoption of real-time payments by connecting the country’s businesses, consumers and financial institutions to real-time networks at home and abroad.

FIS is affiliated M10 network Create a FIS CBDC Virtual Lab to help countries integrate CBDC into their economies.

“The CBDC Virtual Lab will allow central banks, commercial banks and other financial participants to experiment and explore core concepts of issuance, remittance, redemption, offline payments, programmable payments, retail, wholesale and cross-border payments. can be piloted,” the company said in its announcement. “His CBDC Virtual Lab at FIS is an enterprise-level technology that supports over 1 million transactions per second with sub-second latency.”

Demidova said the Bank for International Settlements is heavily involved in CBDC discussions and has issued several consultation papers. BIS leadership is improving cooperation among central banks, she added.

“We need commitment and international cooperation on standardization and interoperability.”

Five countries have deployed Real Net Central, and FIS is implementing it in a sixth country, which will go live later this year, she added.


https://www.forbes.com/sites/tomgroenfeldt/2022/08/26/fis-launches-tools-for-central-bank-to-create-digital-currencies-cbdc/

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