CBDC Platform
A Central Bank Digital Currency (CBDC) is a digital form of a nation’s official currency, issued and regulated by the central bank. Unlike decentralized cryptocurrencies, CBDCs are controlled by a central authority, typically the government or central bank. These digital currencies aim to provide a more secure, efficient, and inclusive payment system. CBDCs can exist in two forms: Retail CBDC for everyday transactions by individuals and businesses, and Wholesale CBDC for use by financial institutions in large-scale payments and settlements.
CBDC offers a transformative approach to modern finance, combining the security of government-backed currency with the efficiency of digital transactions. Below are the key features that define the advantages and capabilities of CBDCs:
Need for CBDC
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- Reduces dependency on cash, which reduces operational costs of physical cash management like printing and distributing cash
- Reduces credit risk for customers as it is backed by central bank
- Ensures safety and stability of financial system by providing public with the uses of cryptocurrency, without associated risks
- Fosters financial inclusion by allowing customers to transact without a bank account
- Brings efficiency, resilience, and innovation in settlement systems, cross-border payments, and other payment systems
Key Features
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- Government Backed: CBDCs are issued and regulated by central banks, making them an official legal tender with the same value as physical currency
- Digital Form: CBDCs exist entirely in digital form, enabling quick, seamless electronic transactions without the need for physical cash
- Programmable Money: CBDCs can be programmed with specific rules, such as conditions for spending, taxes, or time limits on usage
- Financial Inclusion: CBDCs provide access to digital financial services for people without traditional banking, helping promote financial inclusion, especially in underserved regions
Benefits of CBDC
RBI / Government
– Reduces operational cost
– Ensures financial stability
– Fosters Financial inclusion
– Easy cross-border payments
Banks
– Settlement efficiency
– Improvement in TDs
– App leadership: new customers
– Cross-selling opportunities
Customers
– Low credit risk
– Efficient payments
– Offline payments
– Programmability
Merchants
– Free of cost (zero MDR)
– Additional mode of collection
– Instant settlement
– Better success rates
Sarvatra CBDC Platform
Sarvatra has played a pivotal role in launching India’s first CBDC platform, being the very first technology provider to develop CBDC for a payments powerhouse like India, including developing the core engine of CBDC. Sarvatra CBDC platform is highly scalable and secure and has the capabilities to process and manage e₹ tokens issued by RBI.
Customer App
Customers can load their CBDC wallet with e₹ tokens and make payments to CBDC and UPI merchants, as well as do funds transfer to friends and family.
Merchant Stack
Our CBDC solution also comes with a comprehensive merchant stack for the needs of offline and online merchants as well as aggregators.
Why Sarvatra CBDC
Banks face increasing pressure to modernize amidst growing cyber-security threats and a shift toward digital currencies. Our CBDC solution directly addresses these challenges by offering a secure, efficient, and future-proof platform for digital currency transactions. Developed for seamless integration, our CBDC solution enables banks to issue, manage, and transact digital currencies with ease, aligning with global digital transformation trends in finance, while offering the following benefits and features:
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- Scalability: Easily adapts to growing customer needs and transaction volumes
- Enhanced Security: Ensures robust protection against fraud and cyber threats
- Operational Efficiency: Streamlines processes, reducing time and costs
- Complete solution for all Merchant types viz. Online, Aggregator, Offline, POS-based
- CBDC mobile apps for Customers and Merchants (Android, iOS)
- Robust technology, complex modules, numerous features
- On-premises model and hosted model to ensure best throughput
Moreover, some of the top Indian banks in private and public sector are using Sarvatra’s CBDC stack for pilot projects.
First to Implement
- Pilot service provider for CBDC
- Maximum banks using Sarvatra stack
- Maximum experience: Working since Dec 2021
Fastest GTM
- Rapid deployment: a pilot bank live in 4 weeks
- Quickest and templatized onboarding
- Support for on-premise and hosted models
- Integrated with NPCI blockchain/dist. network
- Minimal disruption, quick realization of benefits
Sarvatra’s Financial Inclusion Platform with AePS Switch, Micro ATM Switch, and FI Portal solutions have made a big difference to our business. They are easy to use, secure, and dependable, which has helped us build stronger customer trust. We’ve also seen a clear increase in transactions and earnings.
I am happy with the pace of work (in developing the UPI solution for ICICI Bank). It is also very encouraging the way you are tracking the progress. I am more confident that we can meet the deadline successfully.
Congratulations for bringing all 24 Banks onto NPCI Rupay platform in record time. We thank you for the relentless efforts you have put in to make this possible. We will now move forward with new initiatives.
We became India’s first Sub-Member Bank to go live on RuPay E-com, issue EMV cards, and migrate to Direct Membership for which we won NPCI Special Award. Thank you Sarvatra for being a valuable technology partner.
I hereby congratulate the Sarvatra Team for your sincere and dedicated efforts in making the 1st sub-member bank in India to go live on the AEPS channel (On-us and BFD).
Thanks to your timely support, Maharashtra stood first in the country by issuing the largest number of RKCCs. We deeply appreciate your effort and look forward to your continued support in keeping Maharashtra on top.
