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Client Background

A renowned player in the payments sector on a global scale and a part of multinational financial services corporation, our client is a technology company with a strong presence. Their vision involves fostering an all-encompassing digital economy that's secure, uncomplicated, intelligent, and available to all.

A Central Bank Digital Currency (CBDC) is a digital form of legal tender issued by a central bank. Despite the initial allure of CBDCs, their adoption poses various legal, technical, and operational challenges to uncovering their potential.

By embracing blockchain technology, our client wanted to harness the transformative power of digital currency to revolutionize the way transactions are conducted.

Xoriant Solution | Key Contributions

As a dedicated technology integration partner, Xoriant not only comprehensively grasped the client's unique needs but also put forth a powerful solution, demonstrating our commitment to innovation in the banking and finance industry.

This venture aimed to pave the way for a future where digital currencies would coexist with physical currencies. To this effect, the main objective was to explore the viability, desirability, and practicality of introducing CBDC as an electronic legal tender in harmony with traditional cash.
Xoriant undertook design, development, and testing of a groundbreaking CBDC transaction platform.

Leveraging the robust capabilities of Blockchain Ledger technology, known for its confidentiality, resilience, flexibility, and scalability, Xoriant experts embarked on a journey to explore and implement the potential of CBDC transactions. 

The following key business cases were undertaken as part of this endeavor:

Creating a Wallet: Designing user-friendly digital wallets for commercial bank customers so they can use CBDCs for different transactions.

Issuance to the Central Bank: Implementing a secure mechanism for issuing CBDCs to the central bank.

Distribution to Commercial Banks: Establishing a streamlined approach to distribute CBDC to commercial banks.

Funding Consumer Wallets: For a consumer to transact with CBDCs, they should be funded by a commercial bank first.

Online/Offline CBDC Transactions: Enabling hassle-free CBDC transactions, irrespective of connectivity.

W2W Transfers: Facilitating wallet-to-wallet transfers. For example, one alpha bank wallet can transfer funds to another bank’s omega wallet.

As a part of the implementation, the team also:

  • Carried out functional testing of backend services and frontend for central banks, commercial banks, and end users and consumers.
  • Designed and implemented the automation tests for its API and UI.
  • Assessed the scalability and performance of the platform.

Key Benefits

The feasibility study conducted by Xoriant played a pivotal role in shedding light on the potential of CBDC. This laid the foundation for the actual deployment and integration of CBDC into the financial ecosystem by exploring CBDC transfers between the wallets of the same or different commercial banks, along with the possible implementation in wholesale and retail markets.

This platform garnered attention from prominent financial institutions.

Technology Stack

Development
Hyperledger Besu, Cryptography, Kafka, Sumo ZK-rollups (Layer 2 solution), Java, springboot, hibernate, Docker, Kubernetes, Azure, Postgresdb.

Testing
Java, Rest-Assured, Serenity, Selenium, Cucumber, Postman, IntelliJ IDEA, Gatling with scala, Jenkins, Postgres, Bitbucket.

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