Indra, one of the world’s leading technology and consulting companies, and eCurrency Mint Limited (“eCurrency”), the company at the forefront of Central Bank Digital Currency (CBDC) technology, have announced an alliance to provide end-to-end digital currency solutions for central banks.
eCurrency and Minsait Payments, the payment method subsidiary of Minsait, an Indra company, have come together to offer solutions and services to drive the growth of CBDCs and their ecosystems in several geographical regions.
Central banks around the world are studying and testing digital currencies for multiple purposes, such as ensuring financial stability and inclusion and fraud prevention, as well as greater efficiency and modernisation of the monetary system. A digital currency issued by the central bank that has the features of a physical currency guarantees the general public the same level of trust and access. The association between eCurrency and Minsait Payments will actively support the process and offer end-to-end solutions in this area, ranging from analysis to the implementation and deployment of CBDCs with all their security mechanisms, building on the historical engagement of both companies with the central banks and regulatory bodies.
eCurrency pioneered the world’s first retail CBDC solution to enable central banks to issue secure digital bearer instruments by means of Digital Symmetric Core Currency Cryptography (DSC3) technology and supporting tiered distribution across the existing banking and financial technology ecosystems. eCurrency has performed far-reaching work with central banks and international organisations.
“We’re delighted to have formed this partnership with Indra to deliver an end-to-end solution and achieve true financial inclusion”, declared eCurrency chief executive Jonathan Dharmapalan.
Minsait Payments is a leader in the payment methods market and has a track record of constant growth, delivering innovative digital payment processing and solutions. It provides long-established digital technology and services and has a wide array of capabilities, including tokenisation and expertise in payments, cybersecurity and services and products for the financial services industry, including central banks and regulatory bodies. Moreover, through the Indra group it has developed a broad worldwide network of resources engaged with the financial institutions in order to support business transformation in the digital environment, while it is also well-positioned to back the evolution of the payments ecosystem that will be enabled by the implementation of CBDCs.
“We’re proud to have entered into a partnership with eCurrency, the leading technology platform provider for the CBDC market. Through our association with eCurrency we’ll enhance the commercially available solution that will digitalise the properties of physical cash”, stated Álvaro de Salas, Director of Strategy and Innovation for Financial Services at Minsait.