Yesterday, eCurrency and CMA announced a partnership to provide central banks with an integrated infrastructure that will support access to currency in both digital and physical forms.
eCurrency is a leading technology provider for central bank digital currency (CBDC) solutions known for its work with the Bank of Jamaica. In turn, CMA is a financial infrastructure developer that has implemented numerous real-time gross settlement (RTGS) systems and has worked with over 60 central banks worldwide.
Their integrated CBDC-RTGS solution will allow central banks to ensure an efficient and secure CBDC issuance and facilitate the adoption of digital currencies.
eCurrency-CMA partnership
After extending its long-term partnership with the Bank of Jamaica last year, eCurrency has emerged as a leading technology provider of CBDC solutions. Jamaica was among the first countries to launch a fully-functioning CBDC, and despite the JAM-DEX’s mixed results, the company has recently been recognized for its efforts to enhance financial inclusion.
Its DSC3 technology provides central banks with a safe, secure, and non-counterfeitable digital bearer instrument that could potentially support existing currency management processes. The partnership is a massive deal because it provides eCurrency with a new potential client base that includes many of the world’s central banks.
CMA has worked with more than 60 central banks and has acquired extensive experience with enhanced monitoring and liquidity management features. Its clients include the central banks of Bahrain, Jordan, Kuwait, and Oman in the Middle East; Singapore, Philippines, Indonesia, and Vietnam in Asia; and Nigeria, Algeria, Morocco, and Uganada in Africa.
“With this partnership, we shift to operationalizing CBDC,” said Jonathan Dharmapalan, eCurrency’s CEO. “The key is for current central bank processes and systems to work seamlessly with our CBDC platform.”
However, this is not the first RTGS integration. Back in 2019, Accenture and SAP announced a partnership with R3 to build a similar system, allowing nearly instant one-to-one settlement of high-value transactions. Others have followed since.
