R3’s Digital Currency platform provides central banks and financial institutions with programmable digital money for both wholesale and retail CBDCs. Credit: Piotr Swat/ Shutterstock.

R3 has teamed up with IDEMIA Secure Transactions (IST), a division of IDEMIA Group and a provider of payment and connectivity solutions, to provide offline payment options.  
According to the companies, this collaboration marks “advancement” in the development of Central Bank Digital Currencies (CBDCs), improving accessibility and functionality in both online and offline settings. 

R3’s Digital Currency platform provides central banks and financial institutions with programmable digital money for both wholesale and retail CBDCs, as well as private digital currencies. 

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 Utilising R3’s Corda, a tokenisation platform for regulated institutions with over 60 live applications worldwide, it delivers “secure and scalable digital money solutions” that guarantee network sovereignty and interoperability. 

Users can maintain control over their networks while seamlessly transacting across others, unlocking access to next-generation services. 

 IST is stated to offer “secure” offline capabilities for CBDCs and digital currencies, utilising hardware security, offline payment protocols, and device-integrated security layers to facilitate safe and easy offline transactions on user devices. 

It provides dynamic provisioning solutions leveraging its platform to deploy offline wallets on user smartphones remotely.  

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By integrating IST’s offline solution with R3’s Digital Currency platform, CBDCs issued on Corda can be utilised in retail offline transactions, offering cash-like features to the CBDC. 

The companies stated that this partnership offers an “advancement” in the utilisation of online and offline CBDCs, allowing users to conduct transactions using various devices such as phones and smart cards.  

By expanding access to financial services, particularly in underserved areas with limited internet access, this collaboration aims to bolster the digital payment infrastructure and broaden payment choices.  

Moreover, it will help boost the resilience of financial services and introduces cutting-edge technologies to drive customer product innovation, R3 stated. 

R3 chief commercial officer Kate Karimson said: “By enabling secure and efficient offline transactions, IDEMIA Secure Transactions and R3 are unlocking access to this promising technology and building products for an open and connected digital future. We’re excited to expand this initiative to other product capabilities soon.” 

IST growth & innovation incubation head Kate Eagle stated: “IDEMIA Secure Transactions is excited to partner with R3 on our offline digital currency solution. By integrating with R3’s Digital Currency platform, we enable CBDC’s issued on the Corda network to be exchanged offline from a range of devices, expanding access to digital currencies and streamlining the wallet payment experience.”