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Banking / WHITE PAPER
Himadri Sikhar Pramanik
Lead, Research, TCS
Chandershekher Joshi
Innovation Evangelist, Digital, TCS
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Central Bank Digital Currency (CBDC) is the digital form of a country’s currency. Increasing interest in digital currencies and technological advances have resulted in central banks experimenting with CBDC in partnership with commercial banks. Several CBDC pilot projects have been initiated across the globe and are delivering benefits. Typically, three CBDC models are being implemented – wholesale CBDC, retail CBDC, and cross-currency CBDC. Wholesale CBDC is the most common and involves the central bank and commercial banks. Retail CBDC is being implemented in a two-tier model while cross-currency CBDC projects aim to make inter-bank cross-border transactions faster and seamless.
However, CBDC implementation impacts financial systems in several ways. To prepare for the evolution of the digital currency, commercial banks must:
Participate in CBDC policy formulation
Realign technology adoption with CBDC platforms
Design new offerings and reshape the customer experience
Distributed Ledger Technologies and Blockchain Systems in UK Mortgages
Adopting digital technologies for seamless digital mortgages
TCS Digital Mortgage Suite: Improved Customer Experience and Growth
Next-gen cash and liquidity management for better treasury operations