The pilot is planned to be finished by the end of 2020
Raiffeisen Bank International (RBI) announced the pilot of digital currency after a successful proof-of-concept earlier this year. According to a statement, the bank will run the project along with UK fintech startup Billon.
The pilot uses Billon’s distributed ledger technology. Central banks use it to develop new blockchain architectures that comply with payment and data regulations. If successful, the project could be deployed in Central and Eastern European countries where RBI operates.
The RBI Coin tokenization platform was developed by Billon during the Elevator Lab program finished on March 5th.
This system allows banks to choose a transfer method that provides increased speed and more certainty of payment status. It also offers reduced exception handling and the ability to reduce customer inquiries.
We’ve reported that coronacrisis has accelerated the digital transformation of banking and commerce. This way, over 45% of the respondents stated they’ve changed how they interact with their bank since the outbreak.