Central Bank Digital Currency
PS-CBDC
ProgressSoft’s Central Bank Digital Currency is an advanced, secure form of regulated national digital currency built on centralized or Distributed Ledger Technology (DLT) and authorized by the central bank.
The solution maintains a one-to-one exchange rate with fiat money and is designed by international experts in economy, finance and regulation complemented with decades of experience in national payment systems to offer a bespoke advanced form of national money.
Features
Centralized or DLT-Based CBDC
PS-CBDC can be implemented on a centralized ledger or distributed ledger technology (a private blockchain network) depending on the objectives and design decisions of the central bank.
One-to-One Exchange Rate
PS-CBDC maintains a one-to-one exchange rate with fiat money and allows for the gradual migration towards central bank digital currency.
Dynamic Use Cases
PS-CBDC supports account-based, token-based, wholesale and retail CBDC implementation designs. It also provides for numerous use cases including interbank settlement, individual payments and identity management.
More features
Open Integrators & Built-in Smart Contracts
PS-CBDC offers open integrators and built-in smart contracts in addition to its modular and auto-scalable components to satisfy multifold payment ecosystems and implementation approaches by central banks.
Modules
PS-CBDC offers a wide set of modules including identity management and digital wallets that take into consideration issuance, valuation, consensus and peer-to-peer domestic and cross-border payments.
Mobile Wallet
The PS-CBDC mobile wallet Software Development Kit (SDK) seamlessly connects with any mobile payment application to facilitate a smoother nationwide transition to CBDC where mobile wallets can support both e-money and CBDC.
Benefits
Instant Transfer of Money Ownership
Eliminates the need for clearing, settlement and reconciliation through instant value transfer
Multi-Node Architecture
Delivers no single point of failure and multi-phases of validations and consensus protocols
Greater Financial Integrity
Fully complies with AML/CFT and KYC procedures and eliminates risks and costs of cash
Enhanced Financial Inclusion
Provides interoperability with existing financial ecosystems, serves all community parties and supports all types of payments
Improved Financial Market Monitoring
Provides transparent knowledge of size, pace and distribution of credit by sector
Better Enforcement of Business Rules
Offers autonomous enforcement of business rules and regulations through the execution of smart contracts in the DLT-based approach
Superior Security & Privacy
Provides data privacy and transactions confidentiality between transacting parties
Inherent Monetary Value
Serves as a costless medium of exchange, secure store of value and stable unit of account