Sqala’s Post

The בנק ישראל Bank of Israel has this week revealed the teams selected to take part in a ‘challenge’ to develop use-cases for a potential central bank digital currency (#CBDC) – a digital shekel. The selected use-cases are in three different areas: connectivity between the potential #digitalshekel, other payment systems and cash; advanced CBDC functionalities, such as ‘sub-wallets’, conditional #payments and split payments; and the ‘implementation of various technologies while using the digital shekel as a means of payment’. The 14 teams include representations from companies such as Fireblocks, IDEMIA and PayPal. Read all about it => https://lnkd.in/ec_w8VMx Andrew Abir Bits of Gold Brinks Israel Committed Digital COTI Group Credics Technologies Ltd. Kima Finance Open Finance Ltd 0xpay QEDIT SHVA - The payments arena #rCBDC #CBDCs #innovation #digitalmoney

In a significant move signaling the evolution of global payment systems, Deutsche Bank has joined the blockchain-based fintech platform Partior as a strategic investor. This collaboration underscores the growing momentum in blockchain-driven financial infrastructure. Want to read the full article and gain exclusive insights into the digital currency world? Subscribe to The Digital Currency Journal on https://lnkd.in/dYYi-Vx9. #DigitalCurrency #CBDC #DLT #BlockchainInnovation #BankingTechnology #Fintech #FinancialInnovation #InterbankSettlement #DigitalTransformation #WholesaleCBDC #FutureOfFinance #CBDC #FintechInsights #Fintech

In a significant move signaling the evolution of global payment systems, Deutsche Bank has joined the blockchain-based fintech platform Partior as a strategic investor. This collaboration underscores the growing momentum in blockchain-driven financial infrastructure. Want to read the full article and gain exclusive insights into the digital currency world? Subscribe to The Digital Currency Journal on https://lnkd.in/dutp9DEh. #DigitalCurrency #CBDC #DLT #BlockchainInnovation #BankingTechnology #Fintech #FinancialInnovation #InterbankSettlement #DigitalTransformation #WholesaleCBDC #FutureOfFinance #CBDC #FintechInsights #Fintech

🌍 The Future of Cross-Border Payments 🌍 As we look ahead to 2024, it's clear that the landscape of cross-border payments is evolving rapidly. From the rise of Central Bank Digital Currencies (CBDCs) to the challenges and opportunities in correspondent banking, tokenization, and instant payment systems, the industry is poised for significant transformation. Here are some key insights: CBDCs: Multi-CBDCs are emerging as a game-changer, aiming to improve transaction efficiency and interoperability across borders. Correspondent Banking: Despite its complexities, advancements in standardization and the use of APIs are helping streamline processes and reduce costs. Tokenization: Enhances security and efficiency, paving the way for more robust settlement infrastructure. Instant Payment Systems (IPS): Rapidly gaining traction, offering real-time settlement and improved liquidity management. Top Challenges: Transaction costs Processing times Transparency and governance Promising Solutions: Interlinking instant payment systems Adopting CBDCs Harmonizing regulatory frameworks The future is bright, and the potential for innovation is immense. Let's embrace these changes and work towards a more efficient, secure, and inclusive financial system. #CrossBorderPayments #Fintech #CBDCs #InstantPayments #Blockchain #Tokenization #FinancialInnovation

Exploring Domestic CBDC Interoperability Scenarios As Central Bank Digital Currencies (CBDCs) become more distinguished, the query of interoperability with existing payment systems becomes crucial. Here’s a breakdown of Domestic CBDC Interoperability Scenarios that allow seamless transactions across different systems: Retail Fast Payment System (FPS) with Wholesale CBDC Settlement: - This scenario demonstrates the integration between retail fast payments and wholesale CBDC settlement. - After initiating payment, the FPS scheme facilitates transaction details and netting. - The settlement instructions are translated and settled through the wholesale CBDC network using a bridge. Domestic Payments Between Retail CBDC & Bank Accounts Connected to FPS: 1: Settlement through Real-Time Gross Settlement (RTGS) after a payment request from CBDC to FPS. 2: Settlement directly within the CBDC network, bypassing #RTGS for faster processing. 3: Integration via a central bridge, allowing dual operations across the Central Bank’s CBDC and #FPS schemes. These interoperability scenarios are designed to enhance #transaction efficiency and flexibility, supporting a seamless payment experience for users across both retail and wholesale CBDC environments. The future of digital #currency lies in building a robust ecosystem where CBDCs and existing #financial infrastructures coexist, driving innovation and inclusivity. Thank you The World Bank Group Resource: https://lnkd.in/gKE_AeVP #CBDC #digitalcurrency #interoperability #payments #blockchain #financialinnovation #centralbank

With WayaBank, your finances are protected with advanced security measures, ensuring your money stays safe while you focus on what matters most Download the app and enjoy the convenience of digital banking Sign up at www.wayabank.ng for more inquiries. 📞 07066750658 or 📧 customerservice@wayapaychat.com. . . . . #wayabank #digitalbanking #fintech #banking #mobilebanking #finance #digitalbank #onlinebanking #bank #business #blockchain #digital #financialservices #digitaltransformation #financialtechnology #payments #neobank #openbanking #bankingtechnology #innovation #bankinginnovation #banks #digitalpayments #financialinclusion #money #neobanks #fintechnews #technology #customerexperience

Happy #TechThrowbackThursday! Today, we're taking a trip back to 1967 to celebrate a groundbreaking innovation in banking: the first Automated Teller Machine (ATM). 🏦💳 Before ATMs, withdrawing cash meant a visit to the bank during business hours and often waiting in line. That all changed in June 1967 when Barclays Bank in London unveiled the world’s first ATM, a revolutionary machine that allowed customers to access their money anytime, anywhere. This innovation not only transformed banking convenience but also laid the foundation for the digital financial services we rely on today. Fast forward to the present, and ATMs have become a universal fixture, evolving with advanced features like touchscreens, biometric authentication, and even cryptocurrency integration. At ITCubed, we understand the importance of technology in enhancing customer experiences and streamlining operations. Just as the ATM revolutionized banking, our IT solutions are designed to bring efficiency and innovation to your business. Join us next Thursday as we continue our nostalgic journey through tech history! #ITCubed #TechThrowback #ATMEvolution

Exploring Domestic CBDC Interoperability Scenarios As Central Bank Digital Currencies (CBDCs) become more distinguished, the query of interoperability with existing payment systems becomes crucial. Here’s a breakdown of Domestic CBDC Interoperability Scenarios that allow seamless transactions across different systems: Retail Fast Payment System (FPS) with Wholesale CBDC Settlement: - This scenario demonstrates the integration between retail fast payments and wholesale CBDC settlement. - After initiating payment, the FPS scheme facilitates transaction details and netting. - The settlement instructions are translated and settled through the wholesale CBDC network using a bridge. Domestic Payments Between Retail CBDC & Bank Accounts Connected to FPS: 1: Settlement through Real-Time Gross Settlement (RTGS) after a payment request from CBDC to FPS. 2: Settlement directly within the CBDC network, bypassing hashtag #RTGS for faster processing. 3: Integration via a central bridge, allowing dual operations across the Central Bank’s CBDC and hashtag #FPS schemes. These interoperability scenarios are designed to enhance hashtag #transaction efficiency and flexibility, supporting a seamless payment experience for users across both retail and wholesale CBDC environments. The future of digital hashtag #currency lies in building a robust ecosystem where CBDCs and existing hashtag #financial infrastructures coexist, driving innovation and inclusivity. Thank you The World Bank Group Resource: https://lnkd.in/gKE_AeVP hashtag #CBDC hashtag #digitalcurrency hashtag #interoperability hashtag #payments hashtag #blockchain hashtag #financialinnovation hashtag #centralbank

#cbdc | #payments | #fintech : #centralbankdigitalcurrency transactions have declined since December 2023. Currently, there are 4.6 million users and 400,000 merchants engaging in transactions using the CBDC (Central Bank Digital Currency). It was noted that transaction patterns are transitioning from peer-to-peer (P2P) to peer-to-merchants (P2M) due to the increased number of #merchants accepting the Digital Rupee. The Reserve Bank of India (RBI) has also proposed to allow non-bank payment system operators to provide CBDC #wallets, thereby expanding access to CBDC-Retail to a wider range of users. Use Cases leveraging Programmability of Digital Rupee will hold key to adoption. Do you agree / disagree ? Share your views in comments.

Exploring Domestic CBDC Interoperability Scenarios As Central Bank Digital Currencies (CBDCs) become more distinguished, the query of interoperability with existing payment systems becomes crucial. Here’s a breakdown of Domestic CBDC Interoperability Scenarios that allow seamless transactions across different systems: Retail Fast Payment System (FPS) with Wholesale CBDC Settlement: - This scenario demonstrates the integration between retail fast payments and wholesale CBDC settlement. - After initiating payment, the FPS scheme facilitates transaction details and netting. - The settlement instructions are translated and settled through the wholesale CBDC network using a bridge. Domestic Payments Between Retail CBDC & Bank Accounts Connected to FPS: 1: Settlement through Real-Time Gross Settlement (RTGS) after a payment request from CBDC to FPS. 2: Settlement directly within the CBDC network, bypassing hashtag #RTGS for faster processing. 3: Integration via a central bridge, allowing dual operations across the Central Bank’s CBDC and hashtag #FPS schemes. These interoperability scenarios are designed to enhance hashtag #transaction efficiency and flexibility, supporting a seamless payment experience for users across both retail and wholesale CBDC environments. The future of digital hashtag #currency lies in building a robust ecosystem where CBDCs and existing hashtag #financial infrastructures coexist, driving innovation and inclusivity. Thank you The World Bank Group Resource: https://lnkd.in/gKE_AeVP hashtag #CBDC hashtag #digitalcurrency hashtag #interoperability hashtag #payments hashtag #blockchain hashtag #financialinnovation hashtag #centralbank