CIOREVIEW >> Banking & Insurance >>

eCurrencyTM Announces Contribution of its API to ITU Focus Group DFC

By CIOReview | Friday, August 10, 2018
Jonathan Dharmapalan, CEO

Jonathan Dharmapalan, CEO

Dublin - eCurrency Mint Limited (eCurrency) reports that it has contributed its Application Programming Interface (API) to the International Telecommunication Union Focus Group on Digital Currency including Digital Fiat Currency (ITU FG DFC). The API will add to an area of standardization for integration with existing installments systems for interoperability.

eCurrency API is a synchronous exchange of messages over a secure connection.  The interface allows payment systems to transact digital fiat currency (DFC).  The interface is fully described in an XML-based interface definition language and will enable programmers to take advantage of a wide range of tools in all commercial OS and language environments.

The API Contribution was announced at the second meeting of the ITU FG DFC held in New York City, USA, July 18 – 20, 2018.  At the meeting, several central banks and ICTs were represented in discussions on potential implications of digital fiat currency as well as presentations on case studies.

"We are delighted to contribute our API to the ITU FG DFC in the effort of standardizing the digitization of currency," said Thomas Kudrycki, CTO, eCurrency. "We are also prepared to provide a test sandbox to Central Banks and assist in the development and experimentation process."

DFC is authorized and issued by a country's Central Bank as legal tender, designed to offer the same security status and interoperable function as physical currency. It uses high-security cryptographic protocols to ensure that it cannot be counterfeited while remaining fully transparent. This secure instrument can be held in all e-wallets and transacted seamlessly within existing network infrastructure.

"ITU highly appreciates the great dedication with which eCurrency leads this Focus Group," said Chaesub Lee, Director of the ITU Telecommunication Standardization Bureau. "eCurrency has contributed significantly to the Focus Group's success in bringing together the diverse set of interests exploring DFC. This API contribution has the potential to enable yet more innovators to benefit from eCurrency's experience in the field."

The work of the FG DFC leverages the collaboration of all players in the ecosystem including Central Banks and financial standards bodies. The group has been created to establish guidelines for policy and regulation, study the impact on business and technology, and propose a reference architecture to ensure security.

"It is our honor to contribute the eCurrency API to the standardization efforts of the ITU focus group.  Our interface provides integration capabilities to all existing payments systems resulting in interoperability across platforms and providers," said Jonathan Dharmapalan, CEO, eCurrency.  "A standardized system better enables central banks to authorize, issue and maintain a national fiat currency in a digital form.  The security and interoperability offered by DFC, benefits populations that have been excluded from formal financial services and provides for economic growth in emerging markets.