Digital Currency Management System Central Banks

Central Banks

The Monetary Authority Suite is a component of the Digital Currency Management System (DCMS), a production-ready digital currency software suite that enables central banks to pilot their own digital currency out of the box.

The Monetary Authority Suite can be tailored to the unique needs of a country’s economy, and to effectively integrate into the country’s existing financial system. The suite has extensive stock features that are applicable to all central banks in their dealings with CBDC and associated monetary policy actions.

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To build an ecosystem for all stakeholders, you will need the below features:

Technical

The DCMS is engineered with modern software techniques to provide a secure, scalable, performant and highly available system. Security is designed-in, to use secure defaults, minimize attack surfaces and provide defense-in-depth. Independent modules allow each component to scale independently of others, allowing automatic adjustment to meet variable demands. Built-in redundancy, load balancing and health checks allow the system to automatically restore failed components, providing a highly available system. Careful attention to information management and storage protect consumer privacy while allowing regulatory bodies access to needed transaction data.

Functional

Central banks can deploy a CBDC to target market(s) via SDK, API, or through applications for target stakeholders. Bitt equips central banks with all of the tools it requires to securely mint, store, issue, distribute, redeem, and destroy CBDC.

Bitt can also provide applications that enable CBDC transactions for government, financial institutions, merchants, and consumers in a CBDC pilot scenario and beyond.

Features

  • Digital Currency Minting Manager

    Customizable governance frameworks for the secure minting of digital currency. Segregated Hardware Security Module (HSM) with dedicated interface for executing minting transactions.

    • Mint digital currency units
    • Customized governance structures
    • Air-gapped HSM Computer + HSM Keys for minting authorities
    • Secure currency transfer to main network
    • Reporting
  • Digital Currency Manager

    Securely issue, distribute, redeem, and destroy digital currency units in a fully auditable ecosystem.

    Monitor transactional activity across defined periods using data settings including region, industry, and wallet type.

  • Numa Core Architect

    Define deployment parameters for the digital currency including interest rate, allowable integrations, wallet types and associated limits, role-based permission settings, and more. Integrate with a variety of applications and other digital currency networks.

    • High performance CBDC-standard transaction network; option for distributed nodes as delegated by central banks (dependent on transaction network chosen)
    • Cloud deployed / containerized modules using Kubernetes
    • Permissioned API structures for marketplace integrations
    • Integration into third party custodians
    • Extensive business logic (eg. transaction limits, wallet types/metadata, monitoring and reporting, security configurations, interest rates, integrations with other financial networks eg. foreign exchange, smart contract functionality)
  • Bitt Vault

    • Secure storage and transaction of digital currency and digital asset (private key management)
    • Customized governance structures and customizable transaction types that require specific approval from defined stakeholders
    • Hardware security modules

Integrations

The DCMS can integrate with existing financial infrastructure, including RTGS and ACH networks, core banking systems, as well as existing payment processing platforms including bill payment, airtime and top-up, remittance, and more.

Compatibilities

  • The Bitt DCMS meets the ITU and Stanford University CBDC standards.
  • DCMS can integrate with payment networks who support the ISO 20022 messaging standards.
  • DCMS can integrate with both blockchain-based and traditional transaction networks.