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Temenos integrates with DLT-based CBDC tech stacks

Temenos integrates with DLT-based CBDC tech stacks

Core banking vendor Temenos has been preparing for the digital currency future, integrating with two DLT-based CBDC technology stacks.

As central banks around the world inch towards the creation of their own digital currencies, commercial banks are also having to prepare for their roles as distributors of CBDC, handling customer KYC, wallet opening, and providing on-off ramps to deposit accounts.

Temenos has moved to prove its readiness to help banks, ensuring integration of its platform with multiple DLT-based technology stacks, successfully executing end-to-end retail CBDC use cases for commercial bank touch points.

This includes central bank token issuance to commercial bank wallets, customer non-custodial wallet creation, CBDC conversion through orchestration of deposit account updates with on-chain transactions, and providing wallet access points for user-to-user transfers on-chain.

First, it has worked with R3, which has seen its Corda private, permissioned distributed application platform tapped for a number of central bank and BIS CBDC projects globally.

Secondly, Temenos used Hyperledger Besu, an opensource Ethereum client, run as a multi-node private, permissioned network, combined with a modified version of the Norgesbank CBDC sandbox, published by the Norwegian central bank.

Says Temenos product strategist Jeremy Boot in a blog: "In the years ahead it is likely we will see many variants in technology emerging globally, using both DLT-based systems and centralised systems, for both CBDC as well as deposit tokens or other forms of digital currency.

"By actively innovating and driving commercial bank use cases across multiple different technology stacks, Temenos has proven how its open and flexible banking platform can readily adapt to the digital currency future."

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