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Up to 30 Spanish banks have partnered to conduct a new proof-of-concept study to measure the impact of the issuance of a digital euro by the European Central Bank (ECB).
The partnership is organized in collaboration with mobile payment solutions provider Bizum, payment services company Iberpay, which oversees the interbank payment infrastructure in Spain, and payment system service provider Redsys.
Development takes place almost two months later. ECB uses Amazon, Nexi and three other companies participate in a prototyping exercise for digital euro payments. The exercise is part of the ECB’s two-year digital euro research project, which is expected to be completed during the first quarter of 2023. The new project also comes more than a year after Iberpay successfully worked with Bank of Span and 16 major Spanish banks. You have completed your first proof-of-concept test.
A working group has been set up for the new project. A new project, expected to be completed in 2023, seeks to understand how the digital euro can coexist with current payment systems. Additionally, we are trying to understand the technical, operational and business aspects to launch the digital euro.
The new project will test different use cases for euro-denominated digital currencies in a controlled production environment, in accordance with the ECB’s proposal for use in the Eurozone. Similar to the ECB’s recently launched prototyping exercise, the Spanish project will test e-commerce and his POS payment usage. We will also test the usage of peer-to-peer online and offline payments.
The test, on the other hand, will be based on an account-based model in which commercial banks act as custodians of their customers’ digital currencies.
At the end of the first proof-of-concept tests conducted last year, Tag “smart money”, participants in the Spanish banking industry agreed that an ECB-backed digital currency promises lower volatility and greater security. The ECB issues the currency and the banks distribute it to end users deploying their existing infrastructure.
Additionally, the group has identified the possibility of applying restrictions on holding and using the digital euro for online and offline payments. They added that while digital euro-based offline payments offer “great opportunities”, barriers such as restrictions on the use of near-field communication and standardization of his QR code use in Europe need to be resolved. rice field.
Up to 30 Spanish banks have partnered to conduct a new proof-of-concept study to measure the impact of the issuance of a digital euro by the European Central Bank (ECB).
The partnership is organized in collaboration with mobile payment solutions provider Bizum, payment services company Iberpay, which oversees the interbank payment infrastructure in Spain, and payment system service provider Redsys.
Development takes place almost two months later. ECB uses Amazon, Nexi and three other companies participate in a prototyping exercise for digital euro payments. The exercise is part of the ECB’s two-year digital euro research project, which is expected to be completed during the first quarter of 2023. The new project also comes more than a year after Iberpay successfully worked with Bank of Span and 16 major Spanish banks. You have completed your first proof-of-concept test.
A working group has been set up for the new project. A new project, expected to be completed in 2023, seeks to understand how the digital euro can coexist with current payment systems. Additionally, we are trying to understand the technical, operational and business aspects to launch the digital euro.
The new project will test different use cases for euro-denominated digital currencies in a controlled production environment, in accordance with the ECB’s proposal for use in the Eurozone. Similar to the ECB’s recently launched prototyping exercise, the Spanish project will test e-commerce and his POS payment usage. We will also test the usage of peer-to-peer online and offline payments.
The test, on the other hand, will be based on an account-based model in which commercial banks act as custodians of their customers’ digital currencies.
At the end of the first proof-of-concept tests conducted last year, Tag “smart money”, participants in the Spanish banking industry agreed that an ECB-backed digital currency promises lower volatility and greater security. The ECB issues the currency and the banks distribute it to end users deploying their existing infrastructure.
Additionally, the group has identified the possibility of applying restrictions on holding and using the digital euro for online and offline payments. They added that while digital euro-based offline payments offer “great opportunities”, barriers such as restrictions on the use of near-field communication and standardization of his QR code use in Europe need to be overcome. rice field.
