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Exploratory work on new technologies for wholesale central bank money settlement

The money that we create at the ECB is called central bank money. Banks already access a form of central bank digital money when they participate in real-time gross settlement systems that are owned and operated by central banks. These systems are used to settle wholesale payments related to monetary policy operations and bank-to-bank transactions.

Work on how wholesale financial transactions recorded on distributed ledger technology (DLT) platforms could be settled in central bank money is underway. The purpose of the initiative is to (i) consolidate and further develop the ongoing work of Eurosystem central banks in this area, and (ii) gain insight into how different solutions could facilitate interaction between TARGET Services and distributed ledger technology platforms.

Financial market stakeholders were invited to take part in trials and experiments to explore new technologies for wholesale central bank money settlement. The trials include transactions with actual settlement in central bank money and the experiments use mock settlement in a test environment. A total of 60 private firms from the financial sector and four central banks are participating in this exploratory work.

A set of key performance indicators are used to assess the results of the trials and experiments.

Use cases tested within the exploratory work (updated 23 September 2024)

Experiments with mock settlement Trials with actual settlement

Primary issuance of bonds by financials and settlement with delivery-versus-payment

Primary issuance of bonds by financials, corporates and a sovereign, and settlement with delivery-versus-payment, as well as:

• Lifecycle management of securities, e.g. coupon payment and redemption

• Secondary market transactions

Cross-currency Payment-versus-payment transactions with other central bank


Interbank deposit token transfers with related settlement in central bank money


Automated wholesale payments

Margin calls


Repurchase agreement

The Eurosystem provides three interoperability-type solutions for the exploratory work:


Full-DLT interoperability solution

The full-DLT interoperability solution DL3S allows for settlement of wholesale financial transactions in central bank money in a DLT-based account held on a DLT platform provided by the Eurosystem. The solution is developed and operated by the Banque de France on behalf of the Eurosystem.

40 entities from nine jurisdictions are using the full-DLT interoperability solution for testing.

TIPS Hash-Link

The TARGET Instant Payment System (TIPS) Hash-Link enables settlement of wholesale financial transactions in central bank money on accounts in a TIPS-like platform, set up for the Eurosystem. The solution tests interoperability between a market DLT platform and a central bank operated payment system, a copy of TIPS via an application programming interface gateway. The solution is developed and operated by the Banca d’Italia on behalf of the Eurosystem.

Five entities from four jurisdictions are using the TIPS Hash-Link solution for testing.

Trigger Solution

The Trigger Solution consists of a DLT infrastructure, which acts as technical bridge between T2 and market DLT platforms. The solution is developed and operated by the Deutsche Bundesbank on behalf of the Eurosystem.

25 entities from five jurisdictions are using the Trigger Solution for testing.

New Technologies for Wholesale settlement Contact Group

The New Technologies for Wholesale settlement Contact Group (NTW-CG) aims to support the Eurosystem’s exploratory work on wholesale central bank money settlement. This group provides expert input and keeps the Eurosystem up to date with advances in the use of distributed ledger technology and other new technologies in wholesale financial markets. The NTW-CG has no formal advisory or steering role with respect to the Eurosystem’s exploratory work.

Terms of Reference for the NTW-CG

Composition

To ensure openness and broad representation, membership is subject to an annual review. Market participants are welcome to express their interest in joining the NTW-CG by submitting an application form and relevant documentation to the NTW-CG Secretariat by 15 May of each year at the latest.

NTW-CG documents

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