The European Central Bank (ECB) has announced framework agreements with technology providers that will participate in the launch of the digital euro.
The ECB has signed agreements with seven organisations to provide services related to fraud and risk management, secure exchange of payment information and software development for the digital euro.
The companies include Feedzai, which uses artificial intelligence to detect fraud, and Giesecke+Devrient, a security technology company.
Following the conclusion of the framework agreement, G+D and the other successful tenderers will work with the ECB on final planning and timing.
Under the guidance of the ECB Governing Council and in accordance with EU law, this work will include the design, integration and development of the euro digital services platform, he said. CEO of Giesecke+Devrient Ralph Wintergerst.
ECB officials are exploring the possibility of introducing a digital euro starting in 2021. Its launch is expected to take place in 2029.
The actual development of the components or parts thereof will take place at a later stage, following a decision by the ECB Governing Council on the potential next phase of the project. The framework agreements do not envisage any payments at this stage and include safeguards to allow for adjustments to the project’s scope in line with legislative changes, the ECB stated.