Drivers for CBDC and implications for architectureDavid Birch
A discussion of the key drivers for central bank digital currency and the implications of those drivers for the likely technical architecture of a retail implementation.
CBDC (Central Bank Digital Currencies) Report Rein Mahatma
Central bank digital currencies (CBDC) could significantly change the global financial system and monetary policy. Most central banks are exploring CBDCs, with China and Sweden among the furthest along in testing initial versions. CBDCs could allow central banks to directly influence individuals and businesses, reducing the role of commercial banks. This may give central banks more options for unconventional monetary policies like negative interest rates far below zero. CBDCs also have implications for privacy, regulation, and the roles of governments, central banks, and commercial banks going forward.
Central banks have a mandate for monetary and financial stability in their jurisdictions and, explicitly or
implicitly, to promote broad access to safe and efficient payments. A core instrument by which central
banks carry out their public policy objectives is providing the safest form of money to banks, businesses
and the public – central bank money.
Central Bank Digital Currency (CBDC): Best Practice and Technical ConsiderationsAndry Alamsyah
- Andry Alamsyah is an Indonesian researcher and academic who focuses on topics related to social computing, big data, blockchain technology, and disruptive innovation. He has extensive education and experience in these fields.
- The document discusses considerations for the implementation of a central bank digital currency (CBDC) in Indonesia. It covers motivations, design choices around distribution models and form, as well as technical considerations regarding privacy, security, and interoperability. Adoption of CBDC could help with financial inclusion and efficiency goals.
Complete Guide to CBDC (Central Bank Digital Currency)OliviaJune1
CBDC (Central Bank Digital Currency) is a digital currency that is managed by central banks. It exists in virtual form on distributed ledgers like blockchain. Many countries are exploring CBDC as it offers advantages over physical cash and private cryptocurrencies. CBDCs would be directly issued and backed by central banks, making them safer and more stable than alternatives. They could reduce transaction costs and processing times while improving accessibility of financial services. Central banks are still researching the best technical designs for CBDCs, which may either use accounts or digital tokens on a blockchain network.
Central Bank Digital Currency (CBDC) refers to a digital form of central bank-issued currency that can be used by all citizens. While cash is universally accessible but not digital, and bank accounts are digital but not issued by central banks, CBDC aims to achieve both universal accessibility and being in digital form while still being issued by central banks. There are various design choices that central banks must make regarding CBDC including whether it is for retail or wholesale use, how programmable it can be, and what objectives it aims to achieve such as financial inclusion. National banks will play an important stakeholder role in CBDC and there are also macroeconomic and regulatory considerations for central banks to take into account regarding a CBDC.
Central bank-digital-currency-opportunities-challenges-and-designRein Mahatma
The document discusses Central Bank Digital Currency (CBDC) and outlines the Bank of England's approach to exploring its potential design and implementation. Currently, only commercial banks can hold electronic central bank money as reserves, while the public holds cash. A CBDC could allow households and businesses to make payments and store value using an electronic form of central bank money. The document presents a "platform" model for a potential UK CBDC and identifies opportunities as well as risks that would need to be carefully considered regarding monetary policy, financial stability, and the wider economy. It aims to begin dialogue on the appropriate design of a possible future CBDC.
Central banks and the future of digital money. A practical proposal for centr...eraser Juan José Calderón
Central banks and the future of digital money
A practical proposal for central bank digital currencies on the Ethereum blockchain.
CONSENSYS WHITE PAPER
Drivers for CBDC and implications for architectureDavid Birch
A discussion of the key drivers for central bank digital currency and the implications of those drivers for the likely technical architecture of a retail implementation.
CBDC (Central Bank Digital Currencies) Report Rein Mahatma
Central bank digital currencies (CBDC) could significantly change the global financial system and monetary policy. Most central banks are exploring CBDCs, with China and Sweden among the furthest along in testing initial versions. CBDCs could allow central banks to directly influence individuals and businesses, reducing the role of commercial banks. This may give central banks more options for unconventional monetary policies like negative interest rates far below zero. CBDCs also have implications for privacy, regulation, and the roles of governments, central banks, and commercial banks going forward.
Central banks have a mandate for monetary and financial stability in their jurisdictions and, explicitly or
implicitly, to promote broad access to safe and efficient payments. A core instrument by which central
banks carry out their public policy objectives is providing the safest form of money to banks, businesses
and the public – central bank money.
Central Bank Digital Currency (CBDC): Best Practice and Technical ConsiderationsAndry Alamsyah
- Andry Alamsyah is an Indonesian researcher and academic who focuses on topics related to social computing, big data, blockchain technology, and disruptive innovation. He has extensive education and experience in these fields.
- The document discusses considerations for the implementation of a central bank digital currency (CBDC) in Indonesia. It covers motivations, design choices around distribution models and form, as well as technical considerations regarding privacy, security, and interoperability. Adoption of CBDC could help with financial inclusion and efficiency goals.
Complete Guide to CBDC (Central Bank Digital Currency)OliviaJune1
CBDC (Central Bank Digital Currency) is a digital currency that is managed by central banks. It exists in virtual form on distributed ledgers like blockchain. Many countries are exploring CBDC as it offers advantages over physical cash and private cryptocurrencies. CBDCs would be directly issued and backed by central banks, making them safer and more stable than alternatives. They could reduce transaction costs and processing times while improving accessibility of financial services. Central banks are still researching the best technical designs for CBDCs, which may either use accounts or digital tokens on a blockchain network.
Central Bank Digital Currency (CBDC) refers to a digital form of central bank-issued currency that can be used by all citizens. While cash is universally accessible but not digital, and bank accounts are digital but not issued by central banks, CBDC aims to achieve both universal accessibility and being in digital form while still being issued by central banks. There are various design choices that central banks must make regarding CBDC including whether it is for retail or wholesale use, how programmable it can be, and what objectives it aims to achieve such as financial inclusion. National banks will play an important stakeholder role in CBDC and there are also macroeconomic and regulatory considerations for central banks to take into account regarding a CBDC.
Central bank-digital-currency-opportunities-challenges-and-designRein Mahatma
The document discusses Central Bank Digital Currency (CBDC) and outlines the Bank of England's approach to exploring its potential design and implementation. Currently, only commercial banks can hold electronic central bank money as reserves, while the public holds cash. A CBDC could allow households and businesses to make payments and store value using an electronic form of central bank money. The document presents a "platform" model for a potential UK CBDC and identifies opportunities as well as risks that would need to be carefully considered regarding monetary policy, financial stability, and the wider economy. It aims to begin dialogue on the appropriate design of a possible future CBDC.
Central banks and the future of digital money. A practical proposal for centr...eraser Juan José Calderón
Central banks and the future of digital money
A practical proposal for central bank digital currencies on the Ethereum blockchain.
CONSENSYS WHITE PAPER
Our monetary system is being disrupted. Cryptocurrencies allow fast settlement, cross-border transactions for anyone with an internet connection and a mobile phone. Crypto and Decentralized Finance (Defi) offer great opportunities and risks. Governments are responding with regulations and a "crypto-like" alternative: Central Bank Digital Currencies (CBDCs).
Electronic banking, also known as e-banking, allows customers to conduct financial transactions electronically using the internet or other electronic channels without visiting a brick-and-mortar branch. E-banking first emerged in the 1920s and grew in popularity through the 1960s with electronic funds transfers and credit cards. It is now estimated that 40% of banking transactions are conducted online. Technologies that have enabled e-banking include ATMs, online and mobile banking, telephone banking, and smart cards. E-banking offers benefits like convenience, lower costs, and increased customer relationships but also faces challenges around technology adoption, costs, and security concerns.
Central Bank Digital Currencies (CBDCs) are being explored by central banks globally as interest in digital currencies grows. The document discusses key drivers for CBDCs including improving payment efficiencies, financial inclusion and enhancing monetary policy. It provides an overview of CBDC projects underway in various countries and regions, with China, Cambodia, the Bahamas, Eastern Caribbean and Nigeria having implemented live CBDCs. The models vary in terms of technology used, offline usability and transaction limits.
Digital Banking Strategy Roadmap - 3.24.15Calvin Turner
The Digital delivery of banking products and services is already a reality.
Like it or not, your customers will compare their digital banking experience to shopping on Amazon, iTunes, eBay, Southwest Air, etc., and to their digital experiences with large banks that already have robust digital banking offerings.
Traditional banks can’t just push out mobile apps and capabilities to customers and call it a digital banking strategy. Customers expect a seamless integration of the entire online banking experience from initiation to fulfillment. If they are forced to drop off somewhere along the digital experience to print documents, call a representative, and/or visit a branch, you have lost the customer.
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto,Bitcoin is a decentralised electronic currency which is not backed by any other currency as it is a stand-alone currency traded against other currencies.
The document discusses disruption in the financial services industry. It argues that three forces are contributing to the disintegration of the traditional financial sector: 1) financial fragmentation driven by digitalization, which separates customer experiences into modular components; 2) disruptive innovation, which uses new technologies to fundamentally alter industry structures; and 3) hyper-competition, which creates constant disruption. It explores how digitalization has fragmented traditional banking models and created opportunities for more modular innovation. It also discusses how disruptive innovation, like peer-to-peer lending services, can challenge incumbents by initially targeting underserved customer segments. Banks will need to both collaborate with fintechs and embrace disruption themselves to compete in this changing landscape.
The Journey to Digital Transformation with Touch BankBackbase
The document summarizes the digital transformation journey of Touch Bank, a fully digital retail bank in Russia, in 3 sentences or less:
Touch Bank launched in April 2015 after a one year build, has over 70,000 customers accessing banking services through internet, mobile, and call centers with no physical branches or ATMs, and has received awards for innovation including Best Online Bank of 2015 and Most Innovative Retail Bank in Russia 2016.
Cryptocurrencies - A Serious IntroductionDrake Emko
A high level overview of the world of Cryptocurrencies, liberally illustrated with Doge memes.
This was a lightning talk (5-7 minutes), so it scratches the surface, hopefully enough to get you interested in the world of cryptocoins.
It begins with the basic definitions, the reasons to use and accept cryptocurrency, the main currencies (Bitcoin, Litecoin, Dogecoin), the many altcoins and their distinguishing factors, and finally introduces you to cryptocoin mining (producing your own coins using your computer).
This document provides an overview of blockchain, FinTech, and cryptocurrency. It discusses digital currency and how most traditional currency is now digital. It also discusses cryptocurrency and how Bitcoin was the first cryptocurrency. The document outlines some benefits of digital currencies like faster international transfers and boosting global remittances. It also discusses some potential risks like security issues and volatility. It provides basics on FinTech and emerging technologies transforming financial services. It maps out the global FinTech landscape and trends and discusses local FinTech players and investments in Indonesia.
The document discusses the need for a bank to implement online banking capabilities. It notes several challenges faced by both banks and customers without online banking, such as declining revenue, lengthy loan approval processes, and the need for customers to physically visit branches. Implementing online banking would help overcome these issues and provide benefits like increased convenience and cost savings. The document outlines an action plan for banks to transition to online services that includes digitalization techniques, workforce training, and budget allocation for implementation costs.
Digital banking in India - Operation, Payments and ClearingSupratik Nag
This document discusses digital banking in India. It provides an overview of digital banking products and services, the evolution of digital banking and payments in India from 1980 to present, and emerging technologies behind digital banking. It also analyzes the digital banking landscape and ecosystem, maturity models for digital transformation, and the future of digital payments in India with innovations like UPI and Bharat QR expected to significantly reduce cash transactions by 2022.
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.
Learn how financial institutions are betting on the Big Data and Artificial Intelligence through APIs that help banks to define products, segmenting customers and detect possible fraud. Throughout this ebook we offer a review of the APIs bank data aggregation. More information in http://bbva.info/2t1NEv7
The document discusses the emergence and growth of e-banking as a result of technological advancements like the internet and information technology. It defines e-banking as the automated delivery of traditional banking products and services through electronic channels. Some key points:
- E-banking allows customers to access accounts, conduct transactions, and obtain banking information online through internet banking, mobile banking, ATMs, etc.
- Early forms of e-banking included electronic funds transfer networks and clearing houses in the UK in the 1970s and 1980s.
- E-banking offers advantages like convenience, low costs, 24/7 access, and better customer service compared to traditional banking.
- Types of
Melanie Swan, an economic theorist from New York, gave a presentation on blockchain payment systems. She discussed how blockchain technology could enable new types of digital payment systems that are like email for money, Skype for money, and Apple Pay for governments. She covered various applications of blockchain for consumer payments, enterprise payments, and institutional payments. She believes blockchain payments could improve access to financial services for billions of individuals worldwide by providing solutions for remittances, credit reporting, and literacy programs.
The document discusses digital banking and omni-channel banking. It covers topics like internet banking, mobile banking, the internet of things, customer experience, content creation, data analytics, predictive analytics, CRM systems, and ensuring consistency across channels. The key aspects are using customer data and insights to improve the customer experience across online, mobile, and physical channels to provide a seamless omni-channel banking experience.
[DSC Europe 23][Cryptica] Martin_Summer_Digital_central_bank_money_Ideas_init...DataScienceConferenc1
Central banks around the world are exploring issuing central bank digital currencies (CBDCs) in response to increased digitalization, new private payment providers, and vulnerabilities. The document discusses three key issues for CBDCs: ensuring central bank money anchors the monetary system, open and competitive payment systems, and choice between public and private money. It then summarizes the European Central Bank's digital euro project which aims to complement cash and private payments, allow digital payments across Europe with cash-like features, and enable pan-European financial innovation.
7 Things You Should Not Do With Skrill Depositalannalol6
Bitcoin has advantages as a global currency with low transaction costs and liquidity during financial crises, but also risks like online theft and volatility. For a virtual currency like Bitcoin to replace fiat currencies, it must fulfill the three functions of money: as a medium of exchange, store of value, and credit creation. While Bitcoin's supply is limited to 21 million, its fluctuating value makes it difficult to use as a stable store of value. Regulators warn of risks from using virtual currencies like Bitcoin due to their unclear legal status and lack of regulatory oversight.
Our monetary system is being disrupted. Cryptocurrencies allow fast settlement, cross-border transactions for anyone with an internet connection and a mobile phone. Crypto and Decentralized Finance (Defi) offer great opportunities and risks. Governments are responding with regulations and a "crypto-like" alternative: Central Bank Digital Currencies (CBDCs).
Electronic banking, also known as e-banking, allows customers to conduct financial transactions electronically using the internet or other electronic channels without visiting a brick-and-mortar branch. E-banking first emerged in the 1920s and grew in popularity through the 1960s with electronic funds transfers and credit cards. It is now estimated that 40% of banking transactions are conducted online. Technologies that have enabled e-banking include ATMs, online and mobile banking, telephone banking, and smart cards. E-banking offers benefits like convenience, lower costs, and increased customer relationships but also faces challenges around technology adoption, costs, and security concerns.
Central Bank Digital Currencies (CBDCs) are being explored by central banks globally as interest in digital currencies grows. The document discusses key drivers for CBDCs including improving payment efficiencies, financial inclusion and enhancing monetary policy. It provides an overview of CBDC projects underway in various countries and regions, with China, Cambodia, the Bahamas, Eastern Caribbean and Nigeria having implemented live CBDCs. The models vary in terms of technology used, offline usability and transaction limits.
Digital Banking Strategy Roadmap - 3.24.15Calvin Turner
The Digital delivery of banking products and services is already a reality.
Like it or not, your customers will compare their digital banking experience to shopping on Amazon, iTunes, eBay, Southwest Air, etc., and to their digital experiences with large banks that already have robust digital banking offerings.
Traditional banks can’t just push out mobile apps and capabilities to customers and call it a digital banking strategy. Customers expect a seamless integration of the entire online banking experience from initiation to fulfillment. If they are forced to drop off somewhere along the digital experience to print documents, call a representative, and/or visit a branch, you have lost the customer.
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto,Bitcoin is a decentralised electronic currency which is not backed by any other currency as it is a stand-alone currency traded against other currencies.
The document discusses disruption in the financial services industry. It argues that three forces are contributing to the disintegration of the traditional financial sector: 1) financial fragmentation driven by digitalization, which separates customer experiences into modular components; 2) disruptive innovation, which uses new technologies to fundamentally alter industry structures; and 3) hyper-competition, which creates constant disruption. It explores how digitalization has fragmented traditional banking models and created opportunities for more modular innovation. It also discusses how disruptive innovation, like peer-to-peer lending services, can challenge incumbents by initially targeting underserved customer segments. Banks will need to both collaborate with fintechs and embrace disruption themselves to compete in this changing landscape.
The Journey to Digital Transformation with Touch BankBackbase
The document summarizes the digital transformation journey of Touch Bank, a fully digital retail bank in Russia, in 3 sentences or less:
Touch Bank launched in April 2015 after a one year build, has over 70,000 customers accessing banking services through internet, mobile, and call centers with no physical branches or ATMs, and has received awards for innovation including Best Online Bank of 2015 and Most Innovative Retail Bank in Russia 2016.
Cryptocurrencies - A Serious IntroductionDrake Emko
A high level overview of the world of Cryptocurrencies, liberally illustrated with Doge memes.
This was a lightning talk (5-7 minutes), so it scratches the surface, hopefully enough to get you interested in the world of cryptocoins.
It begins with the basic definitions, the reasons to use and accept cryptocurrency, the main currencies (Bitcoin, Litecoin, Dogecoin), the many altcoins and their distinguishing factors, and finally introduces you to cryptocoin mining (producing your own coins using your computer).
This document provides an overview of blockchain, FinTech, and cryptocurrency. It discusses digital currency and how most traditional currency is now digital. It also discusses cryptocurrency and how Bitcoin was the first cryptocurrency. The document outlines some benefits of digital currencies like faster international transfers and boosting global remittances. It also discusses some potential risks like security issues and volatility. It provides basics on FinTech and emerging technologies transforming financial services. It maps out the global FinTech landscape and trends and discusses local FinTech players and investments in Indonesia.
The document discusses the need for a bank to implement online banking capabilities. It notes several challenges faced by both banks and customers without online banking, such as declining revenue, lengthy loan approval processes, and the need for customers to physically visit branches. Implementing online banking would help overcome these issues and provide benefits like increased convenience and cost savings. The document outlines an action plan for banks to transition to online services that includes digitalization techniques, workforce training, and budget allocation for implementation costs.
Digital banking in India - Operation, Payments and ClearingSupratik Nag
This document discusses digital banking in India. It provides an overview of digital banking products and services, the evolution of digital banking and payments in India from 1980 to present, and emerging technologies behind digital banking. It also analyzes the digital banking landscape and ecosystem, maturity models for digital transformation, and the future of digital payments in India with innovations like UPI and Bharat QR expected to significantly reduce cash transactions by 2022.
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.
Learn how financial institutions are betting on the Big Data and Artificial Intelligence through APIs that help banks to define products, segmenting customers and detect possible fraud. Throughout this ebook we offer a review of the APIs bank data aggregation. More information in http://bbva.info/2t1NEv7
The document discusses the emergence and growth of e-banking as a result of technological advancements like the internet and information technology. It defines e-banking as the automated delivery of traditional banking products and services through electronic channels. Some key points:
- E-banking allows customers to access accounts, conduct transactions, and obtain banking information online through internet banking, mobile banking, ATMs, etc.
- Early forms of e-banking included electronic funds transfer networks and clearing houses in the UK in the 1970s and 1980s.
- E-banking offers advantages like convenience, low costs, 24/7 access, and better customer service compared to traditional banking.
- Types of
Melanie Swan, an economic theorist from New York, gave a presentation on blockchain payment systems. She discussed how blockchain technology could enable new types of digital payment systems that are like email for money, Skype for money, and Apple Pay for governments. She covered various applications of blockchain for consumer payments, enterprise payments, and institutional payments. She believes blockchain payments could improve access to financial services for billions of individuals worldwide by providing solutions for remittances, credit reporting, and literacy programs.
The document discusses digital banking and omni-channel banking. It covers topics like internet banking, mobile banking, the internet of things, customer experience, content creation, data analytics, predictive analytics, CRM systems, and ensuring consistency across channels. The key aspects are using customer data and insights to improve the customer experience across online, mobile, and physical channels to provide a seamless omni-channel banking experience.
[DSC Europe 23][Cryptica] Martin_Summer_Digital_central_bank_money_Ideas_init...DataScienceConferenc1
Central banks around the world are exploring issuing central bank digital currencies (CBDCs) in response to increased digitalization, new private payment providers, and vulnerabilities. The document discusses three key issues for CBDCs: ensuring central bank money anchors the monetary system, open and competitive payment systems, and choice between public and private money. It then summarizes the European Central Bank's digital euro project which aims to complement cash and private payments, allow digital payments across Europe with cash-like features, and enable pan-European financial innovation.
7 Things You Should Not Do With Skrill Depositalannalol6
Bitcoin has advantages as a global currency with low transaction costs and liquidity during financial crises, but also risks like online theft and volatility. For a virtual currency like Bitcoin to replace fiat currencies, it must fulfill the three functions of money: as a medium of exchange, store of value, and credit creation. While Bitcoin's supply is limited to 21 million, its fluctuating value makes it difficult to use as a stable store of value. Regulators warn of risks from using virtual currencies like Bitcoin due to their unclear legal status and lack of regulatory oversight.
The document discusses challenges and recommendations around e-commerce from an online discussion group. It covers topics like barriers to e-commerce like payments and regulations; trustmarks to increase small business opportunities; mobile payments needs, methods, and privacy concerns; and the role of standards, companies, and policies. Key issues included how to help small sellers, payment harmonization, data privacy, and enabling innovative low-cost payment solutions.
Bitcoin: the virtual currency conquers the real worldtelosaes
3 January 2009: release of the virtual currency Bitcoin.
What is Bitcoin? Who created Bitcoin? What are the advantages of Bitcoin? What are the disadvantages of Bitcoin? What about Bitcoin and taxes? What is Bitcoin mining?
The Finance, The Digital & The Society - Smart Cities Summit 2018 - AlgiersSmart Algiers
The document discusses the development of fintech and its impact on traditional banking. It provides several case studies of fintech startups operating in areas like payments, lending, equity crowdfunding, and trade receivables. The second wave of fintech is growing quickly and banks are responding by either cooperating with fintech firms or developing modular offerings. The rest of the document focuses on Banxy, a new mobile-only bank launched by Natixis Algeria to provide a more accessible and convenient banking experience for customers.
Εισαγωγική Ομιλία: Βασίλης Παναγιωτίδης, Διευθυντής, Ελληνική Ένωση Τραπεζών
Τίτλος: «Η υπό διαμόρφωση στρατηγική της Ευρωπαϊκής Επιτροπής για τις πληρωμές μικρής αξίας (“retail payments”) και το “digital finance/FinTech action plan”»
The document discusses the opportunities and issues around EMV 2.0 and multichannel payments. It notes that today's payment ecosystem is based on a multichannel approach with traditional and new payment means. It also discusses the rise of e-commerce and mobile payments and the associated fragmentation and need for standardization. The document outlines that while EMV has reduced in-person payment fraud in Europe, online card-not-present fraud continues to increase, with e-commerce being a target for fraudsters due to weak user authentication. It recommends stronger user authentication as a way to help tackle this online fraud.
1) Traditional banking faces issues like lost trust from abusive practices while many remain unbanked. Cryptocurrency adoption lacks secure and legitimate fiat/crypto gateways.
2) Excelon offers a digital banking experience for money and cryptocurrencies including Euro accounts, cards, crypto wallet, exchange and interest-bearing deposits to bridge traditional and digital finance.
3) Excelon aims to be ahead of competitors by offering powerful banking and investment tools in one regulated app, serving both consumers and businesses.
Technological developments in the banking sector include e-banking, core banking, mobile banking, and automated teller machines (ATMs). E-banking allows customers to bank electronically using internet and mobile devices. Core banking integrates banking services across branches on a single platform. Mobile banking provides banking services via mobile phones while ATMs allow customers to access basic banking services without human assistance. These technologies have improved customer convenience but also introduce some risks regarding system failures and cybercrime.
How do Dutch consumers pay in 2020 - trends and scenariosInnopay
Overview of how the Dutch consumers pay in 2013 and the nine trends that are most likely to change this behavior; resulting in four consumer payment scenarios for 2020
This document discusses the future of payment systems in Germany by 2025. It identifies several key drivers that will shape how payment systems evolve:
1. Instant payments will be implemented by 2018. Digitalization of purchasing and authentication using smart devices will increase. Regulation will further reduce payment fees and open access to payment accounts.
2. The document develops four scenarios for 2025 based on how these drivers play out: 1) continued diversity at interfaces, 2) added value from digital banks, 3) convenience through digital ecosystems, 4) traditional banks innovating.
3. Emerging technologies like quantum computing and blockchain could disrupt payment systems if they mature, but most trends support evolutionary changes across scenarios. Cooperation will be
Worldwide Expert 2009: Новые платежные технологии на рынке электронных денег ...E-Money News
This document discusses new payment technologies and provides a roadmap for understanding innovation in this area. It begins by introducing the topic and exploring drivers of digital money like business changes from SEPA and cultural shifts with new generations. Examples are given of past attempts at cash replacement that did not work and why new technologies may succeed. Case studies of banks and operators implementing new payment solutions are described. The document proposes models for visualizing a timeline of innovations and contextualizing technology impacts to help create a roadmap for planning and discussion.
Fintech Belgium Summit 2017 - PSD2 - Anthony VerhelpenFinTech Belgium
The document discusses the potential for disruption in the European payments industry due to the introduction of PSD2 regulations. It notes that previously, payments had not faced disruption due to a lack of access to payment infrastructure and the strong legacy of card networks. However, PSD2 now requires banks to provide third parties access to online payment accounts, which could enable competition and new services. The presentation examines how fintechs could utilize these new access rights through services like payment initiation and account information aggregation. It also explores options for fintechs to connect to bank APIs and reduce their regulatory burden through regulatory automation or outsourcing compliance functions.
How we will be paying in 2020 - SPA Technical Director, Lorenzo Gaston at EPC...Smart Payment Association
Retail Payments Vision 2015 – And SPA perspective
The retail payment ecosystem is changing. Over recent years we’ve seen the democratizing effect of technology create an ever-broader payments landscape.
Contactless, NFC payment, m-wallets, cross border and person-to-person transactions, and the emergence of virtual currencies are all contributing to growth.
It’s a market too that is being shaped by the demands of a new generation of retail customers: one in which simplicity, speed and convenience are king.
At the same time, we’ve seen the traditional banking and settlement value chain come under pressure from big brand entrants – from mobile operators, Google, Apple and others. These new entrants are changing the dynamics of the industry as new commercial partnerships and models develop to offer an ever-widening range of convenient payment options to consumers and businesses.
This rate of change raises some interesting questions: how to secure ‘card/person not present’ transactions; how to protect customer data; and how to guard against a new breed of cyber criminal looking to capitalize on vulnerabilities. Moreover, the appearance of non-traditional players - who may lack the structural understanding, or the technical or financial means to create a fully secure end-to-end environment – could pose serious challenges for banks, regulators, standards bodies and merchants alike.
So what will the future bring? While attempting predications in this heterogeneous retail payments landscape can be an uncertain and somewhat random exercise, the SPA considers the following “12 key trends to watch” to be significant in the coming years.
Credit Card Processing and Payment SystemsIJMERJOURNAL
This document discusses credit card processing and electronic payment systems. It begins with an introduction that describes how the rise of e-commerce has created new financial needs that traditional payment systems cannot fulfill. It then discusses four main types of electronic payment systems: online credit card payments, electronic checks, electronic cash, and smart card-based payments. Each system has advantages and disadvantages for customers and merchants. The document provides details on the characteristics, requirements, and applicability of each type of electronic payment system.
Similar to Digital euro - Considerations & Questions (v2) (20)
My "Digital Money Crystal" structures important considerations regarding various types and categories of digital money, related features as well as opportunities and challenges (dilemma)
Digitaler Euro - Überlegungen und FragenDirk Braun
Überblick, Annahmen und 20 Fragen zum digitalen Euro
Kapitel:
01: Überblick: Geldtypen, Rahmenbedingungen & das Dilemma der EZB
02: Annahmen: Funktionen & Vorurteile
03: Fragen: 20 Fragen zum Design des digitalen Euros
Dezember 2020
Bloomberg: Bundesbank concerned about payment jams on euro deadlineDirk Braun
The Bundesbank is concerned that German companies have not adapted sufficiently to new payment standards for the eurozone by a February 1st deadline, which could result in payment transactions being blocked. While other European countries have transitioned payments to the Single Euro Payments Area (SEPA) standards, only a small percentage of German transactions currently follow the new rules. The Bundesbank will spend 3 million euros on a campaign to increase awareness of the new SEPA requirements among German businesses. Failure of German companies to transition their payment systems fully to the new SEPA standards by the deadline could temporarily restrict liquidity in the German economy.
Euro Treasurer: Financial transaction tax hits companiesDirk Braun
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Financial Director: SEPA - welcoming the inevitableDirk Braun
The document discusses the Single Euro Payments Area (SEPA) initiative which aims to simplify bank payments across Europe through standardization. It notes that the deadline for migrating to the SEPA standard is February 2014. While this creates obligations for companies, the document argues that SEPA implementation should instead be seen as a strategic opportunity. SEPA allows companies to make payments across Europe using a single bank account and payment method, increasing efficiency. It also standardizes formats and processes. The document urges companies to begin preparing for SEPA now in order to reap rewards and avoid penalties for missed deadlines.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
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2. Mairead McGuinness, European Commissioner for Financial Stability,
Financial Services and the Capital Markets Union
"Whoever controls payment systems
increasingly controls our modern,
highly digitalized economies."
3. 01
Assumptions
What do we not
know for sure?
Questions
What do we not
know?
Overview
What do we know
for sure?
02 03
5. 1) Unit of account
2) Medium of exchange
3) Store of value
Functions of money / of the digital euro
6. Money Flower
Source (adjusted): Deutsche Bank Research (The Future of Payments, Part III.
Digital Currencies: the Ultimate Hard Power Tool)
Bank deposits
Commercial money issued by
commercial banks (deposit insurance)
Central bank digital tokens (retail)
Digital money issued by central
bank (token-based)
Central bank digital currency
Digital money issued by central
banks (account-based)
Cryptocurrencies
Token-based digital money that is not
issued by a central / commercial bank
Virtual currencies
Digital commercial money issued
by commercial banks
7. CBDCs around the world
Research: Countries that
published multiple research
reports about CBDC and start
experimenting
Development: Countries in the
midst of launching a digital
currency as a small-scale pilot or
moving towards a large-scale
launch
Pilot: Countries piloting CBDC
for domestic interbank or
international use-cases in a real
environment with a limited
number of parties
Launched: Countries officially
launched a digital currency and
issued tokens for transactions
Cancelled: Countries cancelled
or decommissioned a CBDC
Source: www.cbdctracker.org; data as of February 2021
Pilot (11) Research (35) Development (16) Launched (1) Cancelled (9)
Wholesale CBDCs: 23; Retail CBDCs: 61
8. Hype or future?
Fact: "Everyone" talks about it
60%
of central banks
conduct
experiments or
POCs
86%
of central banks
explore the benefits
and drawbacks of
CBDCs
14%
of central banks
are in develop-
ment or pilot
arrangements
Source: Third BIS survey on central bank digital currency,
BIS Paper No 114, January 2021
9. Financial innovation life cycle
Quelle: Agustín Carstens, BIS, Money in a digital age: 10 thoughts (November 15, 2018)
10. "We want to be
ready to
introduce a
digital euro, if
needed"
Fabio Panetta, ECB Executive Board Member and
Chair of the Eurosystem High-Level Task Force on
Central Bank Digital Currency (November 27, 2020)
Source: www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201127~a781c4e0fc.en.html
11. "We will have a
digital euro"
…she hopes this will not take
more than five years
Christine Lagarde, President of the European
Central Bank (January 13, 2021)
Source: www.handelsblatt.com/finanzen/geldpolitik/notenbank-ezb-chefin-lagarde-
rechnet-mit-dem-digitalen-euro-und-fordert-bitcoin-regulierung/26794238.html
12. ECB published first results of consultation on
digital euro in January 2021, decision mid-2021
● 8,221 responses , a record for ECB public consultations
● Initial analysis of requested features: privacy (41%), security (17%) and pan-
European reach (10%)
ECB's additional comments
● A digital euro would be an electronic form of central bank money accessible to all
citizens and firms – like banknotes, but in a digital form – to make their daily
payments in a fast, easy and secure way. It would complement cash, not replace it
● A digital euro would combine the efficiency of a digital payment instrument with
the safety of central bank money. The protection of privacy would be a key
priority
● Detailed analysis to be published in spring, ahead of decision on project launch
Source: www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210113~ec9929f446.en.html
13. The added value of a CBDC may be higher
outside Europe!
• Efficiency and productivity gains: overall costs of processing payment
transactions could decrease (especially in countries with a high cash
share or underdeveloped payment systems)
• Financial inclusion: e.g. in countries with underdeveloped banking
structures or in countries with large areas with few inhabitants, e.g. island
states or in remote areas
• Sovereignty: payment system operating independently of foreign
sanctions and systems that are controlled by other nations
• Control over payment flows to fight corruption, undeclared work,
money laundering, terror financing, etc.
14. ECB's reasons to issue a digital euro
Reasons related to core central bank functions
1. Increasing digitalization and independence of the European economy
2. Significantly declining role of cash
3. Other forms of money could become credible alternatives
4. The digital euro might become beneficial for monetary policy
5. Money that works in extreme events (e.g. cyber incident, natural disaster, pandemic)
Reasons related to the broader objectives of the EU
6. Support of the international role of the euro, if needed
7. Improvements in overall payment costs and ecological footprint
Source: www.ecb.europa.eu/euro/html/digitaleuro-report.en.html
The ECB does not mention payment innovation as potential reason (e.g. M2M payments,
micropayments, offline payments, programmable money / smart contracts)
15. Dilemma: The digital euro must be successful -
but not at the expense of commercial banks!
Disintermediation
commercial banks
Solution with
restrictions
Attractive
solution
The question of whether there will be a digital euro is no
longer an issue - it's just a question of design!
17. Unjustified prejudices (tbc)
• Removal of cash
• Elimination of anonymous payment option
• Disadvantages of blockchain solutions (crypto assets)
• Volatility against the euro
• no instant settlement
• high transaction prices for full blocks
• online-only
18. Questions about the design of the digital euro
that can already be answered reliably today
Retail CBDC
no wholesale component (Interbank); support of B2B use-cases unlikely
Distribution via commercial banks
but: separate accounts / wallets at commercial banks with negative effect of liquidity for banks
Solution with restrictions
e.g. amount of max. credit, unattractive / tiered interest rates
23. It is good that the ECB is
independent from politics -
but should it be controlled
democratically if it has an
increased role going
forward?
#04 - strategic question
24. How could the ECB bring
the digital euro into a
globally dominant
position?
(or the Chinese government bring DC/EP into a globally dominant position)
#05 - strategic question
25. Why should commercial
banks offer solutions /
wallets for the digital euro
if they cant leverage the
liquidity or collect fees?
#06 - strategic question
26. To avoid exclusion, will the
ECB force banks to provide
digital euro wallets for all
European citizens /
businesses?
#07 - strategic question
27. Can the digital euro be
used free of charge in all
cases?
(and what would that mean for banks and other vendors that provide payment
services for consumers, corporates and merchants)
#08 - design question
28. Will the digital euro be
token and/or account-
based?
#09 - design question
29. Will the digital euro be
based on a blockchain?
#10 - design question
30. Can the digital euro be
transferred offline?
#11 - design question
33. Can the digital euro be
used anonymously?
(and what does "anonymously" actually means)
#14 - design question
34. Can users transfer the
digital euro
autonomously?
(i.e. without intermediaries and offline - e.g. between their bank-managed wallets
and self-managed offline-capable wallets)
#15 - design question
35. Is a digital identity a
prerequisite for the use of
the digital euro by
consumers, companies and
machines?
#16 - design question
36. Does the digital euro pay
interest, or is it - like cash -
non-interest bearing?
(and can users borrow the digital euro to banks or other players to collect interest
– and would that be covered by the "Einlagensicherung")
#17 –design question
37. Can / will the problem be
mitigated that the money is lost
if the owner destroys his/her
device on which digital euros are
stored in the form of tokens?
#18 - design question
38. Will the digital euro be
explicitly usable for B2B
business?
(i.e. will there no regulatory limits for transactions, conversions and balances)
#19 - design question
39. How can the problem be
mitigated, especially in the
B2B and M2M context, that
the digital euro in the form
of a token ties up liquidity?
#20 - design question
40. If there is a cap on balances in
digital euros, would incoming
payments above this limit
automatically be redirected to a
user's bank account?
#21 - design question
41. Can a user hold an
unlimited number of
wallets with digital euros
at banks and privately?
(and thus probably overcome potential limitations)
#22 - design question
42. Does the digital euro,
meet accessibility
requirements for
vulnerable users?
(similar to today's banknotes and coins)
#23 - design question
43. Will commercial banks
issue digital commercial
money with additional
features?
(and how could it work multibank)
#24 - other question
44. Can EPI be successful
without a digital euro
component?
#25 - other question