R3, the creator of Corda, a permissioned blockchain for tokenizing assets, has announced a partnership with IDEMIA Secure Transactions (IST) to boost its ability to issue central bank digital currencies (CBDCs).
IDEMIA is a provider of payments and connectivity solutions that can also handle offline payment solutions. Integrating IST’s offline solution with R3’s Digital Currency platform aims to provide cash-like capabilities to the CBDC. this includes phones, cards and more.
R3’s Digital Currency platform seeks to work with central banks and other financial institutions supporting wholesale and retail CBDCs, as well as private digital currencies.
Kate Karimson, Chief Commercial Officer of R3, said that around 130 countries are actively explore CBDCs and many others are pursuing alternative forms of tokenized payment solutions. Karimson said these innovations have the potential to generate substantial financial efficiencies for both the wholesale and retail sectors by reducing payment fees and accelerating the movement of money.
“By enabling secure and efficient offline transactions, IDEMIA Secure Transactions and R3 are unlocking access to this promising technology and building products for an open and connected digital future. We’re excited to expand this initiative to other product capabilities soon.”