The collaboration aims to support the development of Central Bank Digital Currencies (CBDCs) by enabling secure transactions both online and offline. R3’s Digital Currency platform is designed to facilitate the issuance and management of digital money for central banks and financial institutions, covering both wholesale and retail CBDCs as well as private digital currencies.
The platform operates on R3’s Corda, a blockchain-based system that supports regulated institutions and currently hosts over 60 live applications. According to R3, the integration allows users to maintain network control while ensuring interoperability across different digital financial networks.
IST’s contribution to the partnership involves its offline payment technology, which incorporates hardware security, offline transaction protocols, and device-based security measures. These features enable users to conduct transactions without an internet connection, supporting cash-like functionality for CBDCs. The company also offers remote wallet provisioning, allowing secure deployment of offline wallets on mobile devices.
By integrating IST’s offline payment system with R3’s platform, CBDCs issued on Corda can be stored and used for offline transactions through various devices, including smartphones and smart cards. The initiative is expected to enhance financial inclusion by facilitating digital payments in areas with limited internet access while improving the overall resilience of digital financial services.
IDEMIA Secure Transactions representatives emphasised that integrating offline functionality into CBDCs could improve access to digital payments while supporting security through chip-based technology. They stated that the partnership introduces innovations supporting consecutive offline transactions, reinforcing financial inclusion and payment security.
In turn, officials from R3 noted that with many countries exploring CBDCs and other forms of tokenized payments, the adoption of offline transaction capabilities could improve efficiency in the financial sector by lowering transaction costs and expediting payments. They added that the collaboration with IST aims to expand the accessibility of this technology and further develop new digital currency features.
For more information about IDEMIA, please check out their detailed profile in our dedicated, industry-specific Company Database.
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