Software firm Temenos has announced that it has proven integration of its banking platform with multiple DLT-based Central Bank Digital Currency (CBDC) technology stacks.
As a result, it successfully executed end-to-end retail CBDC use cases for commercial bank touch points.
Temenos worked with R3, a global DLT provider to achieve this. R3’s Corda, a private, permissioned distributed application platform, is being used in a large number of Central Bank and BIS CBDC projects globally.
Furthermore, central banks globally are progressing with their CBDC strategies.
In the second project, Temenos used Hyperledger Besu, a leading opensource 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. Also, by deploying the smart contract, Temenos was able to simulate central bank use cases, across token minting and on-chain transfers.
Jeremy Boot, product strategist, 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.”
Ricardo Correia, global head of digital currencies, R3, commented: “By leveraging reliable financial networks and introducing decentralised 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 organisations 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.”
TCF 2023, hosted in Vienna, began with chief executive Andreas Andreades explaining how Temenos has signed so many contracts recently.
To over a thousand delegates, he said: “Cloud technology is advancing and more banks are ready to take advantage of it.”
The firm has made a number of deals recently. In March 2023 alone, it announced collaborations with Saudi EXIM Bank and Kiatnakin Phatra.