Digital Currency Management System Financial Institutions

Financial Institutions

Around the world, central banks and national monetary authorities are considering, testing or even launching central bank digital currencies (CBDCs). In this context, digital currency is legal tender, existing alongside — and as an alternative to — traditional fiat currency instruments.

As this trend continues, licensed financial institutions are faced with the inevitable yet daunting prospect of CBDC integration.

Bitt’s Digital Currency Management System (DCMS) is a robust technology solution that offers a full range of features out of the box. When paired with our Financial Institution (FI) Suite, our DCMS for financial institutions provides everything you need to integrate digital currencies and stablecoins seamlessly with your legacy systems.

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Product hero Licensed Financial Institutions

To build an ecosystem for all stakeholders, you will need the below features:

Technical

The DCMS is engineered with modern software techniques to provide a secure, scalable, performant and highly available system. Security is designed-in to use secure defaults, minimize attack surfaces and provide defense-in-depth. Independent modules allow each component to scale independently of others, allowing automatic adjustment to meet variable demands. Built-in redundancy, load balancing and health checks allow the system to automatically restore failed components, providing a highly available system. Careful attention to information management and storage protect consumer privacy, while allowing regulatory bodies access to needed transaction data.

Functional

Financial institutions (FIs) can deploy a stablecoin to target market(s) using Bitt DCMS applications, or via Bitt NUMA SDKs and APIs. Bitt equips FIs with all of the tools it requires to securely mint, store, issue, distribute, redeem, and destroy a stablecoin.

Bitt can also provide applications that enable stablecoin transactions for government, merchants, and consumers in a stablecoin pilot scenario and beyond.

Features

  • Digital Currency Operations Manager

    Bitt’s Digital Currency Operations Manager facilitates transactions between central banks and financial institutions, between financial institutions, and between financial institutions and their customers – both merchant and retail.

    • Currency and payments management eg. between FI and CB, between FI and FI, and between FI and merchant/retail clients
    • Wallet creation for a variety of client types
    • E-commerce management
    • Fee structure configuration
  • Bitt Vault

    • Secure storage and transaction of digital currency and digital asset (private key management)

    • Customized governance structures and customizable transaction types that require specific approval from defined stakeholders

    • Hardware security modules

    • Customized governance structure

  • AML Compliance Module

    AML compliance eg. KYC and KYB verification, sanctions screening, transactions reporting and monitoring, client investigation, client profile management, etc.

Integrations

The DCMS can integrate with existing financial infrastructure, including RTGS and ACH networks, core banking systems as well as existing payment processing platforms including bill payment, airtime and top-up, remittance, and more.

DCMS Products Made for Financial Institutions

Is your financial institution ready to make the transition to digital currency or stablecoins? If so, Bitt has the products and solutions that make the process simple and secure. Our products are secure, highly scalable and affordable.

You will have access to our team of digital currency experts to support you through every phase of integration. We provide CBDC Workshops to help you through the planning and policy development phases. We can also provide you with our CBDC Sandbox, allowing your stakeholders to interact in a live, simulated environment.

Contact us now to request your complimentary demonstration of our Digital Currency Management System for financial institutions.