Sweden’s central bank Sveriges Riksbank will complete the next phase of its e-krona project with the help of two organizations in the financial sector. The move indicates a transition from initial in-house testing with simulated participants to collaboration with real, external partners.
Riksbank will work with Handelsbanken and TietoAvri to test e-krona
The main task during the new phase of the pilot will be to test “technical solutions for e-krona” with the participation of real market entities. To accomplish this, Rixbank has invited Handelsbanken, one of the country’s premier banking institutions, and TietoAvry, a digital services and software company. in one Announcement Published on Friday, the regulator noted:
The inclusion of external actors as participants in the test environment will make it possible for Riksbank to evaluate the integration between the participants’ existing systems and the technical platform for the e-krona pilot.
One of the elements to be tested is the integration of payment flows developed during the first year of the pilot with the new participants’ internal systems, Riksbank explained. The partners will simulate how banks can interact with the e-krona infrastructure, Tietoavry elaborated in a separate press release:
Tietoevry will develop and test the process of interchangeability between commercial funds and e-kroner and analyze how it can be done safely and efficiently.
The Finland-headquartered company also referred to “its unique position in the Nordic financial ecosystem” for a large customer base consisting of banks and payment providers. More than 70% of all Nordic bank transfers occur through its payment systems and the fintech enables leading mobile payment providers in Sweden, Norway and Finland.
Central Bank of Sweden will integrate e-krona with existing banking infrastructure
Christian Segersvein, head of financial services solutions and software development, said, “Our role in the Swedish payment infrastructure is well established, and Tietoweri is a natural when exploring how to integrate the digital currency with existing banking infrastructure.” Partner. ” “We look forward to supporting this journey towards an inclusive digital currency that will open up to innovative and secure services,” he added.
The second participant in the second phase of the e-krona pilot is Svenska Handelsbanken, one of the largest banks in Sweden, with over 400 branches across the country. Founded in 1871, it is also the oldest company listed on the Swedish Stock Exchange. Over the past few decades, Handelsbanken has been expanding its operations to other countries in the region, as well as the Netherlands and the UK, where it has over 200 branches.
Sweden’s central bank plans to issue digital currency (CBDC) Is from a few years ago. In late 2020, the government in Stockholm began exploring the feasibility of digitizing the Swedish legal Krona, a national legal tender. Of course, the Scandinavian country has already made it the most cashless society in the world. It should be reviewed within two years of its introduction.
Last month, Rixbank announced and released the completion of the first phase of the study Report good Which highlighted the continuing decline in the use of cash in the country. Sweden’s central bank stressed the need to move forward with the project and facilitate the participation of market actors, who are expected to participate in the trial now and join the e-krona network in the future.
What do you think of Rixbank’s plan to digitalize the Swedish Krona? Let us know in the comments section below.
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