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September 19, 2022

ECB chooses five firms to develop user interfaces for digital euro

The European Central Bank (ECB) is set to partner with five companies that will design potential user interfaces for the digital euro project.

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These five companies were selected from 54 front end providers after a call for expressions of interest in April this year.

Front-end prototypes developed by the companies will be used to start simulated transactions, which will be then processed through Eurosystem’s interface and back-end infrastructure.

However, according to the ECB, the prototypes will not be re-used in the later phases of the project.

ECB, in a statement, said: “The prototyping exercise is an important element in the ongoing two-year investigation phase of the digital euro project.

“The aim of this prototyping exercise is to test how well the technology behind a digital euro integrates with prototypes developed by companies.”

Works on prototyping is scheduled to be completed in the first quarter of 2023. ECB is also expected to publish its findings around the same time.

In coordination with the ECB team, each of the five companies will work on a specified use case of digital euro.

While CaixaBank will focus on peer-to-peer online payments, Worldline will work on peer-to-peer offline payments, and EPI on point of sale payments initiated by the payer.

Prototyping of point of sale payments initiated by the payee will be taken up by Nexi and e-commerce payments will be handled by Amazon.

Last week, a consortium of six countries, including Denmark, Germany, Iceland, Italy, Latvia and Norway, announced plans to work on a cross-border digital wallet pilot.    

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
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