Financial services technology provider FIS is introducing a solution to enable central banks in more countries to update and innovate their existing real-time payments network or develop one from the ground up.
FIS is also launching a central bank digital currency (CBDC) Virtual Lab, which will give central banks, commercial banks and other financial entities the opportunity to experiment with CBDCs, launch a pilot and accelerate live CBDC implementations, according to a press release Thursday (Aug. 25).
The RealNet Central infrastructure payment solution was designed to help countries revamp their real-time payments network or build a new one, with a goal of helping other nations embrace digital, real-time inclusive economies.
Real-time payment schemes are being replaced or updated in numerous markets, particularly in countries like Brazil, the U.K., Japan, South Africa and Mexico, where their corporate real-time gross settlement services were revamped for instant payments. Additionally, India and the U.S. are launching services that run parallel to established schemes, per the release.
While the transition is taking place, RealNet Central is moving to accelerate real-time payments adoption by linking a country’s key segments to domestic and international networks.
FIS is also striving to offer central banks guidance in launching and integrating CBDCs with the help of the company’s virtual lab, which was developed in collaboration with M10 Networks.
The FIS CBDC Virtual Lab will provide information about core concepts of issuance, transfer, redemption, offline payments, programmable payments, retail, wholesale and cross-border payments, according to the release.
“The global economy has rapidly shifted toward digital-first mindsets and methods,” said Aman Cheema, head of global real-time payments and CBDCs at FIS. “While the idea of making payments in real-time may sound simple, the reality of delivering on that promise is enormously sophisticated, especially when doing so across borders.
“Our latest offering sets out to change that, bringing consumers, businesses, financial institutions and governments closer together in the payments ecosystem. The launch of this solution is the latest proof point of FIS’ commitment to invest in innovative technologies and solutions that advance how the world pays.”
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