版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
Harnessing
digitalcurrencies
HowbankscanpreparetheirITestatestoleveragethepowerandpotentialofCBDCs
Caseinpoint-DigitalEuro
Inbrief
•With70%ofcentralbanksaimingtoissueaCBDCwithintheforeseeablefuture,andtheDigitalEuroonthenear-termhorizon,digitalcurrencymomentumisbuilding.
•AsCBDCadoptionwilllikelybemandatoryforbanks,it’simperativeforbankstoget
startedwithstrategicallyaddressingthe
manybusinessandtechnologyimplications.
•LearningfromexamplesofDigitalEuro
preparations,wehaveidentifiedherethreecriticalstepsthatbanksneedtocompletetosucceed.
Withconsumers,businesses,andgovernmentskeenlyinterestedinfast,easy,cost-effective,andsecuredigitaltransactions,momentumcontinuesbuildingfor
central
bankdigitalcurrencies(CBDCs)
.
Asdigitalcurrenciesbackedbycentralbanksare
generallysaferthanotherformsofvirtualmoney
,like
cryptocurrencyorstablecoin,manycurrencyunions
andcountriesareexpectedtomakeadoptionbybanksmandatory,includingintheEurozoneand,likely,theUK.
Inresponse,bankinginnovatorsarealreadyestablishing
theirCBDCstrategies,readyingtheirtechnology
infrastructures,andevenpilotingdifferentaspectsof
digitalcurrency.TohelpfinancialinstitutionsharnessthepowerandpotentialofCBDCs,withDigitalEuroastheleadingexample,thisarticlewilllookatkeystepseverybankshouldaddressinordertoremaincompetitivein
theinevitabledigitalcurrencyfuture.
Progresscontinues
worldwide
Althoughtheattentionofmanybanks,particularly
thoseintheEUandUK,hasfocusedonmeetingotherdigitalizationimperatives,CBDCprogressismoving
forwardapace.
Worldwide,thenumberofcountriesdevelopinga
CBDCnowtops100,with19oftheGroupof20(G20)countriesintheadvancedstages.3Threecountries
havefullylaunchedaCBDC,theBahamas,Jamaica,and
Nigeria3,with70%ofcentralbanksplanningtoissueaCBDCwithinthenextdecade4.
Inall,36wholesaleandretailCBDCinitiativesare
underway.ThisincludestheDigitalEuro5,forwhichtheEuropeanCentralBank(ECB)iscurrentlywellalongthedevelopmenttimeline.Onitsheels,theUKisexpectedtointroduceaDigitalPound.
Harnessingdigitalcurrencies2
3keystepsforCBDCsuccess
Despitetheprogress,thereisstillperilinvolvedwithCBDCs.ThemostclearlydemonstratedexamplewastheEasternCaribbeanCurrencyUnion,consisting
of8countries,wheretheEasternCaribbeanCentralBank(ECCB)halteditsdigitalcurrencyrolloutduetotech∩icaldi代culties,foΓci∩9thedevelopme∩tofanewpilot.6
Forbanks,theprimarytakeawayfromECCU
experienceistheimportanceofstartingearlyandtakingastrategicapproachtodevelopingand
executi∩9di9italcuΓΓe∩cyo阡eΓi∩9s.Toe∩suΓethe
expectedmandatescanbemet,risksareminimized,
andvalueisderived,herearethethreekeystepseverybankneedstotake:
1)Understandtheregulatoryenvironment
Withmanyjurisdictionsstillworkingontheunderlyinglegislation,suchasintheEU,theirassociatedcentralba∩kshaveyettofi∩alizeΓe9ulatio∩s.
However,themostessentialregulatoryelementsarealreadywellestablished,givingbanksasolidstartingpointfordevelopingastrategyandbeginningtheirexecutionphases.Mostimportantly,bankscannot
delaytheiΓdi9italcuΓΓe∩cye阡oΓtsi∩oΓdeΓtoe∩suΓecompliancewiththeexpectedmandateslaterthis
decade.
2)DevelopacomprehensiveCBDCstrategy
Likeanytransformation,successfullypreparing
forCBDCsrequiresacomprehensivebusinessandtechnologystrategy.
CriticaldecisionsstartwithwhethertomerelycomplywithCBDCmandatesorleveragedigitalcurrencies
forcompetitiveadvantagebylayeringvalue-added
seΓviceso∩topofbasicdi9italcuΓΓe∩cyo阡eΓi∩9s.AsthisdeteΓmi∩atio∩a阡ectsallotheΓs,successfulba∩kswillmakethisdecisiontheirhigheststrategicpriority.
Anotherconcernisdigitaldistributionchannels,ascentralbanksplantointroduceCBDCappsforbankstosupport.Inresponse,bankscaneithercreatea
singlechannel,byfullyintegratingaCBDC’sappwiththebank’sapp,orpursueamultichannelapproach,
whereeachappstandsalone.IntheEurozone,a
multichannelapproachwouldrequirecustomersto
juggletheDigitalEuroapp,thependingSCT-InstWeroapp,andthebank’sapp.
Athirdpivotalfactoriscustomerloyalty.Asdigital
cuΓΓe∩ciessi9∩ifica∩tlyΓeducefΓictio∩foΓcha∩9i∩9institutions,robustlyaddressingloyaltywillbekeytoattractingandretainingaccountholders.
Formanybanks,developingacomprehensivestrategy
willposeachallengeduetoalready-stretched
technologycalendars.Asanexample,Europeananda阡ectedUKba∩ksaΓeimpleme∩ti∩9
PSD3
,
PSR
,ISO20022,andSEPAInstantCreditTransfer(SCTInst).
BankstemptedtoresolvethesituationbytreatingCBDCstacticallywillbeburdenedwithaprotractedevolutionastheyworktoproperlyimplementdigitalcurrencies.
3)AddressthetopITgaps
Unsurprisingly,CBDCintroductionisspawningahostofuniquetechnologyrequirements,adjustments,andmodernizations.Themostcriticalare:
AΓchitectuΓalmodificatio∩s,asdigitalcurrency
accountswillbeamirrorofthecentralbank,ratherthanactuallyholdingfunds.Thisisfundamentallydi阡eΓe∩ttha∩thecuΓΓe∩taΓchitectuΓeofmost
bankingcoresystems,necessitatingaconsiderableoverhaul.
Accountnumberadjustmentstoaccommodate
changesinthenamingsystemfordigitalcurrencies.Forexample,theDigitalEuroincludesaunique
ide∩tifieΓcalledaDi9italEuΓoAccou∩tNumbeΓ(DEAN).Inadditiontoaccountnumbersbeing
stΓuctuΓallydi阡eΓe∩ttha∩today’slBAN,di9ital
currenciescanpermitaliases,likeamobilephone
number,requiringbankstoalsomanageanaccountmappingtable.
Processingspeedimprovementstoattainvelocitiesoflessthanthreeseconds,farfasterthancurrentperformancecapabilities,formeetingexperience
Harnessingdigitalcurrencies3
expectations.EvenbankspreparingforSCT-Inst
willhaveworktodo,asitsrequirementisfiveto20seconds.
Paymentenginemodernization,duetoallCBDC
settlementsoccurringinthecentralbank’sledger.Inanutshell,banksmustpreparefordigitalcurrencyaccountsthatcanbefundedanddefundeddirectly
frommultipleprivateaccountsorcommercial
accounts.Thismeanseverytransactionwillbebrokendownintomultiplecomponentsforabank’spaymentsenginetoorchestrateandvalidateagainstthedigitalcurrency’sholdinglimit.Further,thefundingsource
anddefundingtargetscanbeatanotherinstitution.Eventhesequenceofprocessingstepswilllikelydifferfromcurrentnorms.
Inaddition,abank’spaymentenginewillberequired
toconnectwithacentralizedfrauddetection
functionandtherewillbenewprivacy-enhancing
techniques,likepseudonymizeddata.However,thepseudonymizationofthisdatamayoccuroutsidethepaymentengine.
Offlineoperationenablementbyprovidingtheabilitytotransfervaluebetweendevicesabsentanydigitalledgerconnectionand,possibly,communicatingthetransactionstothecentralbank’sledgerlater.
Oneofflineoptionwasrecentlypilotedby
ANZBankin
cooperationwiththeReserveBankofAustralia(RBA)
.Itleveragedblockchainandnear-fieldcommunication(NFC)tocreateapaymentmodelresemblingahybridoftraditionalcashandcardtransactions.
Swiftinteroperabilitydevelopmentforconnectingtotheorganization’snewinterlinkingsolutioncurrentlybeingestablished.Havingrecentlycompleteda
secondphasetrialwith
38institutionsandtwo
consultingpartners
,theSwiftinterlinkingsolutionaimstoconnectCBDCnetworks,existingpaymentsystemsandothernetworks,suchasbank-led
tokenizeddepositnetworks.
TransactionhistoryandreportingupgradestoaccommodatetheCBDCprocessesknownasthereversewaterfallandwaterfall.Essentially,
ifacustomer’sdigitalcurrencyaccountcontains
insufficientfundsforcompletingatransaction,the
neededbalancewillbefundedfromoneormore
externalaccounts,includingbankaccounts.Similarly,ifacustomer’saccountrisesabovetheholdinglimit,theaccountwillbedefundedautomaticallytooneormoreexternalaccounts.Althoughbankswillneedtotrackandreportoneacheventinthechain,customers
willlikelyprefertoviewthevariousunderlyingtransactionsasasingleevent.
Leveragetrustedpartnerships
toachieveCBDCgoals
TonavigatethemanyCBDCnuances,bankscanturntopartnerswithcriticaldigitalcurrencyexperienceandexpertise.Therightpartnerscanassistwith:
•Strategydevelopment:
Helpingtodesignacomprehensiveplanthat
establishesgoalsandaddressesthemyriadbusinessandtechnologyconsiderations.
•Impactanalysis:
AssessinghowCBDCadoptionwillaffecta
bank’sapplications,revenues,risk,organizationalprocesses,andclientrelationships.
•Proofofconceptdesignandcompletion:
ToensureCBDCgoalscanberealized,oneormore
pilotphasesforeachtechnologysolutionwillbenecessary.
•Staffdevelopmentandchangemanagement:
DuetoCBDCcomplexitiesandthenewprocesses
required,robuststafftrainingandchangemanagementarevital.
Harnessingdigitalcurrencies4
Integrationandbusinessembedding:
Multiplenewtechnologies,andtheirrelated
businessprocesses,willrequireintegratingintoabanksexistingenvironment,includingcore
systems,payments,andchannelapps.
SolutionTesting:
Determineandexecuteanend-to-endtestingandproductrolloutstrategyacrossalldigitalcurrencyservicesofferedbythebankandallrelevant
channels.
Harnessingdigitalcurrencies5
Inconclusion
Thetimetostart:Now
Withstronginterestinsaferandmoreequitableformsofvirtualmoney,centralbanksareforgingahead
withCBDCs.Astheseeffortsareexpectedtoincludeadoptionmandates,leadingbanksarerespondingbydevelopingCBDCstrategiesandevenbeginningearlyexecutionphases.
GiventheinevitabilityofCBDCs,alongwiththe
associatedbusinessandtechnologyimplications,
financialinstitutionscannotsitonthesidelines.By
startingtheirjourneysnow,bankscansuccessfully
leveragethisnewtypeofvirtualmoney,developvalue-addedservices,andrealizebenefitsfromCBDCs.
Endnotes
1
CBDC(CentralBankDigitalCurrencies)-statistics&facts
,Statista,Accessed8/5/2024
2
CentralBankDigitalCurrencyTracker
,AtlanticCouncil,Accessed8/5/2024.
3Ibid.
4
CBDCsuccessdependsonpublicandprivatesectorcollaboration
,OMFIF,February2,2024
5
CentralBankDigitalCurrencyTracker
,AtlanticCouncil,Accessed8/5/2024.
6
DCash2.0-CentralBankD
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 池河镇七年级历史下册 第二单元 辽宋夏金元时期:民族关系发展和社会变化 第7课 辽、西夏与北宋的建立教案1 新人教版
- 八年级地理上册 3.1自然资源的基本特征教案 (新版)新人教版
- 2024-2025学年高中物理 第二章 交变电流 第07节 远距离输电教案 粤教版选修3-2
- 2024-2025学年高中物理 第七章 机械能守恒定律 4 重力势能(1)教案 新人教版必修2
- 江苏省海安县实验中学高中体育 耐久跑教案2 苏教版
- 八年级英语上册 Unit 3 Families Celebrate Together Lesson 15 A Present for Li Ming教案 (新版)冀教版
- 2024-2025学年高中生物下学期《基因指导蛋白质的合成》教学设计
- 运输车贷款购销合同(2篇)
- 病毒预防+课件
- 第13课《唐诗五首·野望》八年级语文上册精讲同步课堂(统编版)
- 机械设备定期检查维修保养使用台账
- 丽声北极星分级绘本第四级上 Stop!Everyone Stop!教学设计
- 小学科学教育科学三年级上册天气《认识气温计》教学设计
- 希尔顿酒店市场营销环境的swot分析 2
- 消化道穿孔课件
- 液化气站气质分析报告管理制度
- 可编辑修改中国地图模板
- 水务集团有限公司档案管理制度资料
- 人教版小学数学一年级上册20以内加减法口算题汇编
- 为先祖立碑祭文五篇
- DBJ50T-232-2016 建设工程监理工作规程
评论
0/150
提交评论