Eurosystem Seeks Providers of Prototype Payment Solutions for Digital Euro – Finance Bitcoin News

Eurosystem Seeks Providers of Prototype Payment Solutions for Digital Euro

The euro zone’s monetary authority, Eurosystem, is seeking to recruit financial firms willing to develop front-end solutions for the digital euro. The plan is to conduct a “prototyping exercise” this year to test back-end transactions developed by the regulator.

Eurosystem selects front-end vendor for digital euro project

In an ongoing investigation into the possible issuance of a digital euro currency, the Eurosystem intends to conduct an experiment that, among other goals, will test end-to-end transactions with the European Central Bank (CBDC), the European Central Bank (CBDC). European Central Bank) announced before the weekend.

The agency, which consists of the European Central Bank and the central banks of euro zone member states, is looking for parties interested in providing front-end prototypes for trials. Transactions will start with its front-end prototype and will be processed through interfaces to the back-end, both developed by Eurosystem.

Payment service providers, banks and other related companies have been invited to participate as front-end providers of technology solutions aimed at facilitating payments in digital euros. Their application deadline is May 20. Prototyping work is scheduled to begin in August and may continue through the first quarter of 2023.


The announcement details that the goal is to gather a group of front-end suppliers with whom Eurosystems will work to develop user-facing prototypes. The authorities will invite potential participants to explain the use cases of their prototypes. A limited number of suppliers will then be selected, up to five European system representations.

They will contract with the euro area financial authorities and are expected to organize prototype development. Throughout the process, suppliers will be able to share their feedback on the Eurosystem interface and backend infrastructure, including making specific data requirements to support specific business models.

In October last year, the project to launch a digital version of the European common currency entered the investigation phase. In February, news broke that the European Commission plans to introduce a bill early next year to lay the legal foundation for the currency. Fabio Panetta, a member of the ECB’s executive board, recently said that the bank is focusing its efforts on a digital euro.

tags in this story

Backend, Bank, CBDC, Central Bank, Currency, Digital Currency, Digital Euro, ECB, Euro, Eurosystem, Exercise, Experiment, Front End, Monetary Authority, Payment Provider, Prototype, Regulator, Solution, Test, Trial

Do you expect other initiatives to test a digital euro platform in the near future? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.

More hot news

in case you missed it

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.