Currently, central banks covering 62% of the world’s population, are looking into how to address the dual challenge of a decline in cash usage and the increase of private money forms such as cryptocurrencies. In the Nordics, cash usage has fallen below, or fast approaching, 10%, while digital mobile payment alternatives such as Swish, MobilePay and Vipps have grown considerably.
At the heart of one of the world's most digitally advanced regions, the Swedish central bank, Riksbanken, is investigating the possibility of issuing the e-krona, a Swedish krona in digital form available for the public to complement cash. By improving and expanding the usage of central bank money, Central Bank Digital Currencies (CBDCs) could enable central banks to meet future payment needs, foster innovation, and enhance cross-border payments.
TietoEVRY will participate in the next stage of the e-krona pilot. Together with Riksbanken and a Swedish bank, they will simulate how banks might interact with the e-krona infrastructure. TietoEVRY will develop and test the process of interchangeability between commercial money and e-kronor and analyse how this can be carried out securely and efficiently.
"Our role in the Swedish payment infrastructure is well established, and TietoEVRY is a natural partner when exploring how to integrate a digital currency with existing banking infrastructure. We're very proud to bring our extensive know-how in financial services software and technology as well as our deep connections with Nordic banks in this exciting project. We are looking forward to supporting this journey towards an inclusive, digital currency that will open up for innovative and secure services", says Christian Segersven, Head of Financial Services Solutions and Industry Software, TietoEVRY.
"We are happy to contribute to Riksbanken's important e-krona initiative. This is a great recognition for us and shows our company's true breadth and the important role we have in society. By taking this step, Riksbanken is reinforcing Sweden's innovative culture and our position on the global fintech stage", says Karin Schreil, Managing partner, TietoEVRY Sweden.
TietoEVRY has a unique position in the Nordic financial ecosystem through its large base of customer banks and payment providers. More than 70% of all Nordic bank transfers go through TietoEVRY's payment systems, and the company enables the leading mobile payment providers in Sweden, Norway and Finland. TietoEVRY was the only Nordic company recognized in the latest IDC Top 25 FinTech ranking, and was also named a leader by the ISG Banking Industry Ecosystem report.
Learn more about TietoEVRY Financial Services Solutions
Learn more about the e-krona project
For more information, please contact:
TietoEVRY Newsdesk: +46 70 234 20 02, firstname.lastname@example.org
Riksbanken is Sweden's central bank. Riksbanken ensures that money retains its value and that payments can be made safely and efficiently. It also issues banknotes and coins.
TietoEVRY creates digital advantage for businesses and society. We are a leading digital services and software company with a local presence and global capabilities. Our Nordic values and heritage steer our success. Headquartered in Finland, TietoEVRY employs around 24,000 experts globally. The company serves thousands of enterprise and public sector customers in more than 90 countries. TietoEVRY's annual turnover is approximately EUR 3 billion and its shares are listed on the NASDAQ in Helsinki and Stockholm as well as on the Oslo Børs.