back Back

Temenos collaborates with R3 on CBDC integration

By Gloria Methri

May 11, 2023

  • CBDC
  • Central Bank Digital Currency Infrastructure
  • Digital Currency
Share

Temenos, CBDC, Digital Currency, R3, Hyperledger Besu, Norgesbank, Europe, FinTechTemenos has integrated its banking platform with multiple DLT-based Central Bank Digital Currency technology stacks, successfully executing end-to-end retail CBDC use cases for commercial bank touchpoints.

These included central bank token issuance to commercial bank wallets, customer non-custodial wallet creation, CBDC conversion through orchestration of deposit account updates, and providing wallet access points for user-to-user transfers on-chain.

Jeremy Boot, Product Strategist, at Temenos, said, “Temenos is leading the way in CBDC innovation. By actively innovating and driving commercial bank use cases across multiple different technology stacks, Temenos has proven how its open and flexible banking platform can readily adapt to the digital currency future.”

Temenos worked in collaboration with R3, a global provider of distributed ledger technology (DLT) and services to regulated financial institutions. R3’s Corda platform is used in a wide number of Central Bank and BIS CBDC projects globally. By leveraging R3’s Digital Currency Accelerator, Temenos was able to demonstrate a wide range of commercial bank use cases.

Ricardo Correia, Global Head of Digital Currencies, R3, said, “By leveraging reliable financial networks and introducing decentralized application platforms to issue CBDCs, we can expect a complete transformation of the current global financial system, ushering in a new era of enhanced financial fluidity. Collaborating with innovative companies like Temenos underscores the importance of integrating existing banking systems with cutting-edge technologies, allowing organizations and individuals to conduct cross-border transactions at the same pace as sending an email, and instantly settle payments across the entire global payment infrastructure.”

In the second project, Temenos used Hyperledger Besu, an open-source Ethereum client, run as a multi-node private, permissioned network, combined with a modified version of the Norgesbank CBDC sandbox, published by the Norwegian central bank.

The sandbox provided a CBDC smart contract token definition based on the ERC-20 standard and web UI. By deploying the smart contract, Temenos was able to simulate central bank use cases, across token minting and on-chain transfers.

Previous Article

May 11, 2023

Standard Chartered and DIFC to launch Digital Asset Custody Services

Read More
Next Article

May 11, 2023

Numeral and BNP Paribas chosen by Alma to automate payments

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

CBDC

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

LGT taps Finastra to roll out instant payments services in Europe

Read More

May 15, 2024

4 Cloud-based Banking platforms driving transformation in Europe

Read More

May 15, 2024

Temenos unveils financial processing solution, Temenos Positions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023