By Michael Scott
BoE announced allocating $255,000 towards developing a CBDC sample wallet capable of hosting inbound and outbound transaction requests. The BoE conveyed the invitations through a December 9 post via the UK’s Digital Marketplace channel initiated to enable government entities to seek solutions when handling tasks of digital nature.
Detailed Features of CBDC Wallet
The post outlined a detailed description of the proof-of-concept wallet. In particular, BoE demonstrated that the wallet should accommodate basic functionalities, including registration, balance display, updating personal data, issuing notifications, and facilitating transactions.
The post outlined the requirements that the sample wallet should satisfy. It requires it to facilitate various tasks including registration, showing the balance, issuing alerts and amending one’s details.
The BoE invitation statement disclosed that the wallet should accommodate CBDC loading and unloading. A critical requirement is the capability to handle payment requests using QR codes or account identification details. Also, BoE requires the sample wallet to enable the users to execute online payments.
Primary Deliverables for the Wallet Developer
BoE desires the developer to design user-friendly mobile applications for Android and iOS users. Besides the online portal for the wallet, the developer is expected to create a merchant website and an online portal supported by reliable back-end infrastructure.
The announcement requires the successful applicant to design and deliver back-end infrastructure to support the applications, wallet portal, safeguard the activities trail and users’ details.
Besides creating the portal, the developer is expected to have compatible applications with Android and iOS systems. In-house Development Ruled Out
The December 9 post echoed previous communications, indicating BoE will develop a sample CBDC wallet in-house. Nevertheless, the bank’s statement confirmed that the five-month project is set to explore viable additions to the user journey. The bank restated that it intends to sharpen functional requirements yielding benefits to the private sector. Its achievement is fundamental to delivering tangible CBDC products to all stakeholders.
BoE targets to evaluate five developers as it intends to launch its CBDC in 8 years.
A BoE representative revealed it intends for the sample wallet to support Project Rosalind. It is jointly experimenting with prototype creation for the CBDC application programming interface (API) with the Bank of International Settlements Innovation Hub.
BoE targets to test the CBDC wallet alongside the Rosalind API.
The announcement coincided with the December 9 event where the Exchequer, Jeremy Hunt, issued financial reforms that featured multi-stakeholder consultations on CBDC establishment.