September 20, 2022

The European Central Bank (ECB) will collaborate with five companies to develop potential user interfaces for the digital euro.

The aim of this prototyping exercise is to test how well the technology behind a digital euro integrates with prototypes developed by companies. Simulated transactions will be initiated using the front-end prototypes developed by the five companies and processed through the Eurosystem’s interface and back-end infrastructure. There are no plans to re-use the prototypes in the subsequent phases of the digital euro project.

Together with the ECB team, the selected companies will each focus on one specific use case of a digital euro:

  • peer-to-peer online payments – CaixaBank;
  • peer-to-peer offline payments – Worldline;
  • point of sale payments initiated by the payer – EPI;
  • point of sale payments initiated by the payee – Nexi;
  • e-commerce payments – Amazon.

The firms have been chosen from a pool of 54 front end providers. Their selection follows the April 2022 call for expressions of interest in joining the prototyping exercise. All 54 companies fulfil a number of “essential capabilities” that were outlined in the call, while the five providers chosen best matched the “specific capabilities” required for the assigned use case. The ECB appreciates the wide interest shown in the prototyping exercise.

The prototyping exercise is an important element in the ongoing two-year investigation phase of the digital euro project. It is expected to be completed in the first quarter of 2023 when the ECB will also publish its findings.

Source: European Central Bank
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.