NYSE-listed financial technology firm, FIS recently announced the launch of a new central infrastructure payment solution to facilitate central banks around the world in the transformation of their payment systems.
The details shared by the fintech company show that it is planning to facilitate the global central bank digital currency (CBDC) ecosystem. FIS has introduced a CBDC Virtual Lab that will allow countries to experiment, pilot and accelerate CBDC implementations.
The global demand for instant payments has increased significantly in the past few years. According to a recent report, more than 70% of the global population will soon have access to instant payments. The RealNet Central from FIS aims to accelerate the international adoption of real-time payments.
“The global economy has rapidly shifted toward digital-first mindsets and methods. 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,” said Aman Cheema, the Head of Global Real-Time Payments and CBDCs at FIS. “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.”
CBDCs
Amid the growing demand for crypto payments, central banks around the world have increased their efforts in the development and implementation of CBDCs. Earlier this year, the Bank of Korea completed its first phase of CBDC testing. In 2021, Bhutan’s Central Bank announced a partnership with Ripple to use the company’s CBDC solution to pilot the central bank digital currency in phases.
“The CBDC Virtual Lab allows central banks, commercial banks, and other financial participants to experiment with – and pilot – core concepts of issuance, transfer, redemption, offline payments, programmable payments, retail, wholesale and cross-border payments. FIS’ CBDC Virtual Lab is enterprise-grade technology that supports over one million transactions per second at less than a second latency,” FIS added.
